USD/INR Price Analysis: Key EMAs challenge Indian rupee bulls

• USD/INR stays mildly offered above 74.00, recently bounced 21/50-bar EMA confluence.
• Bullish MACD, sustained trading above 200-bar EMA favor pair buyers.

USD/INR fades recovery moves from 21/50-bar EMA while easing to 74.22, down 0.15% intraday, amid the initial hour of Indian trading session. Even so, the quote keeps the early week bounce off 200-bar EMA amid bullish MACD.

With this, buyers currently eye the previous day’s peak surrounding 74.45 as an immediate upside hurdle ahead of challenging the October-end tops near 74.70 to target a fresh monthly peak beyond the 75.00 threshold.

Alternatively, a confluence of short-term EMAs near 74.15 precedes the 200-bar EMA level of 73.90 to restrict short-term USD/INR downside.

During the pair’s downside past-73.90, a clear break of 61.8% Fibonacci retracement of October 15 to November 04 upside, surrounding 73.88, becomes necessary for the bears to accelerate in their path to the mid-October lows near 73.20.

USD/INR four-hour chart

Trend: Bullish