USD/INR Price News: Indian rupee buyers eye previous resistance above 72.00

• USD/INR bounces off intraday low, fades previous resistance breakout.
• Key SMAs guard immediate upside but sellers have a bumpy road, if at all breaking nearby support line.
• Normal RSI suggests continuation of gradual weakness towards the yearly bottom.

USD/INR picks up bids from the day’s low of 72.41 to currently up 0.08% around 72.51 amid the initial hour of the Indian session on Monday. In doing so, the quote stays below 200 and 50-SMA while keeping the failures to rally past-key resistance line, now support.

Given the normal RSI conditions, coupled with the latest pullback, USD/INR is likely to stay dismal for the short-term.

As a result, USD/INR sellers may target the previous resistance line, at 72.30 now, during further losses.

However, the monthly low near 72.25 and the yearly bottom close to 72.17, not to forget the 72.00 threshold, could keep the USD/INR bears in check.

Meanwhile, 50 and 200-SMA levels, near 72.60 and 72.80 respectively, guard the quote’s near-term upside. Also acting as an upside filter is the latest swing high near 72.75.

It should, however, be noted that the USD/INR run-up beyond 72.80, will recall the buyers targeting the monthly top of 73.40.

USD/INR four-hour chart

Trend: Bearish