USD/INR Price News: Indian rupee bulls battle key Fibonacci level around 73.00

• USD/INR remains pressured near three-month low, fades corrective pullback of late.
• Bearish MACD, failures to rebound past 200-DMA keeps sellers hopeful.

USD/INR fades bounce off three-month low as bears flirt with the 73.00 threshold during early Wednesday.

The Indian rupee (INR) pair registered multi-day bottom the previous day but 78.6% Fibonacci retracement of May–July upside, around 72.90, triggered the quote’s bounce.

However, failures to keep the recovery moves, coupled with the bearish MACD, direct USD/INR sellers towards the 72.90 key support.

It’s worth noting that a downside break of 72.90 will fetch the quote to the mid-year low of 72.33. During the fall, 72.65 and 72.50 may offer intermediate halts.

On the flip side, 61.8% Fibonacci retracement level and 200-DMA, respectively around 73.35 and 73.60 restrict short-term USD/INR recovery.

Following that, the previous support line from July and multiple lows marked during late June and August, 73.88 and 74.00 in that order, also act as important upside hurdles.

Overall, USD/INR remains bearish but the key support offers a breathing space to the sellers.

USD/INR: Daily chart

Trend: Bearish