USD/INR Price News: Indian rupee bulls cheer pullback from seven-week-old resistance line

• USD/INR wavers near intraday low while reversing late-Wednesday’s bounce off 73.27.
• 100-bar, 200-bar SMAs offer immediate resistance ahead of a falling trend line from August 20.
• MACD flirts with the bears, directing them towards monthly support line.

USD/INR bounces off intraday low of 73.27 to 73.32, down 0.05% on a day, amid the initial hour of the Indian market open on Thursday. The pair marked heavy losses the previous day following its pullback from a multi-day-old trend line resistance.

Also increasing the odds of the quote’s further downside is the sustained trading below 100-bar and 200-bar SMA confluence amid downbeat MACD histogram.

Hence, the USD/INR sellers are all set to challenge an upward sloping trend line from September 01, at 73.10 now, while the 73.00 round-figure may probe the bears afterward.

Alternatively, an upside clearance of 73.40 can trigger a fresh challenge to the key SMA confluence area around 73.53/55, a break of which will push the USD/INR towards 73.60 crucial resistance.

If at all the bulls manage to cross 73.60 on a daily closing, the September month high near 74.00 will be next on their radars.

USD/INR four-hour chart

Trend: Bearish