USD/INR Price Analysis: Indian rupee bears approach 76.10 inside megaphone pattern

• USD/INR stays on the front foot around nine-week high.
• Sustained bounce off 10-DMA, bullish MACD signals favor buyers.
• Upper line of the megaphone restricts immediate advances, 200-DMA acts as additional downside filter.

USD/INR prints stellar gains around 75.70, despite the recent retreat from the intraday top during early hours of Indian trading session on Monday.

In doing so, the Indian rupee (INR) pair remains around the highest levels seen during late December while also staying inside a megaphone chart pattern suggesting a further widening of the gradual upside momentum.

The bullish bias also takes clues from the upbeat MACD signals and the pair’s U-turn from the 10-DMA, currently around 75.05.

Even if the quote drops below 75.05, the 75.00 threshold and support line of the stated megaphone near 74.50 will challenge USD/INR bears. Also acting as the key support is the 200-DMA level surrounding 74.40.

Alternatively, the recent high of 75.90 and the 76.00 round figure may restrict short-term upside moves of the USD/INR pair ahead of the megaphone’s resistance line, around 76.10 by the press time.

In a case where the USD/INR bulls cross the 76.10 hurdle, the late 2021 peak surrounding 76.50 will gain the market’s attention.

USD/INR: Daily chart

Trend: Further upside expected