- USD/INR couldn’t move above seven-week-old resistance.
- RSI levels indicate further room for bearish momentum.
- Many resistance levels challenge the bulls.
USD/INR trades near intraday low of 73.83, sliding 0.12 Percent during the Indian session today. USD bears are enjoying an upper-hand now, and the effect is evident in the USD/INR. The pair failed to cross a falling trendline, which starts from November 04, and the 100-day EMA.
RSI readings are not yet in the oversold levels, indicating the USD/INR’s inability to clear resistances will drag the pair further down to early November lows around 73.65.
A sustained weakness around the November bottom means 73.40 and the 73.00 will be in play.
On the upside, USD/INR have stiff resistance around 100-day EMA, currently at 74.00, and further above at 74.05.
A move above 74.05 will require further confirmation above 74.25/30 – late November highs, to bring the buyers back in play.
At the time of writing, one US dollar buys 73.67 Indian Rupees, down -0.38% as of 10:20 AM UTC.