USD/INR Price News: Indian rupee probes 50-day SMA, inside short-term falling channel

• USD/INR extends Wednesday’s recovery moves to challenge the 50-day SMA.
• A five-week-old falling trend channel keeps sellers hopeful amid bearish MACD.
• Bulls will wait for the upside break of the channel for fresh entries.

USD/INR takes the bids near 75.61, up 0.25% on a day, during the pre-Europe session on Thursday. In doing so, the pair probes 50-day SMA inside a multi-day-old falling trend channel.

A sustained break of a 50-day SMA level of 75.60 becomes necessary for the buyers to challenge the bearish technical pattern. Following that, 76.20 can act as an intermediate resistance ahead of the channel’s upper line of 76.45.

Should the USD/INR prices cross 76.45 on a daily closing basis, April 21 high near 77.00 can stop the bulls before pushing them to the April monthly top close to 77.40.

Meanwhile, 75.00 can offer immediate support to the pair ahead of highlighting the channel’s lower line, near 74.70.

If at all the quote drops below 74.70, the early March top near 74.58 can lure the bears.

USD/INR daily chart

Trend: Bearish