Range Markets

  • USD/INR takes offers towards the intraday low while easing from 10-month top flashed the previous day.
  • Bearish candlestick formation on the daily chart, receding bullish MACD bias challenge upside momentum.
  • Sellers may look for entries below one-month-old support line.

USD/INR drops towards the intraday low of 73.26 amid the initial Indian session trading on Thursday.

The Indian rupee pair rallied to the highest since late June 2020 the previous day before snapping a two-day uptrend. The pullback moves portrayed a “shooting star” bearish candlestick on the daily timeframe.

Also supporting the odds of consolidation is the easing conditions of the bullish MACD signals in recent days.

However, the 75.00 round figure and an ascending trend line from March 26, around 74.80 by the press time, will be tough nuts to crack for the USD/INR sellers.

Meanwhile, an upside break of 75.63 will defy the bearish candlestick signals but any further run-up may dwindle around a two-month-long rising resistance line, close to 75.80.

Overall, USD/INR remains bullish but a profit-booking move can’t be ruled out.


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