- USD/INR attracts bids to bounce from 73.47.
- INR pair near monthly-low
- Move beyond 74.00 will help the bulls.
Indian rupee slides lower against the greenback after showing strength during the early hours of Indian trading. USD/INR trades around 73.57, pulling back from the day low.
Even though a bullish 4-hours-chart pattern – descending triangle has formed in the pair from the lower-high formation since November 4, the bearish MACD and the USD/INR failure to stay above 74.00 levels have kept the bears in the hunt.
Also, 74.12 will be a heavy-offer zone for the pair, which includes the monthly high. USD/INR bulls could take it to early-November highs around 74.80 if the resistance around 74.12 is cleared with strength. Such momentum will bring 75.00 levels into play.
The bears will be looking to push the pair down below the monthly lows near 73.40 to target October lows around 72.96.
At the time of writing, one US dollar buys 73.55 Indian Rupees, up 0.03% as of 08:52 AM UTC.