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USD/INR Price News: Indian rupee tests 100-HMA on road to recovery

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  • Rupee bulls combat again manipulate following the current decline.

  • USD/INR charts rising channel breakdown on each day sticks.

  • More losses probable amid bearish crossover, RSI.

USD/INR extends pullback from weekly highs of 74.80 into Monday, as the bulls take a breather amid a chart-driven drawback signal.

Looking at the technical picture, the move proven a rising channel breakdown on the hourly chart final Friday and for the reason that then appears susceptible amid a bearish crossover noticed in the ultimate hour.

The 21-hourly easy shifting common (HMA) pierced the 50-HMA from above, following which the rate noticed a sharp 20-pips down move.

Although the 100-HMA at 74.40 got here to the rescue of the bulls, imparting some guide to the spot.

Acceptance under the latter should deliver the 200-HMA guide in play at 74.32.

To the upside, a sturdy confluence round 74.60 ought to restrict the recuperation attempts. At the level, the sample assist now resistance coincides with the 21-HMA and 50-HMA.

The subsequent applicable goal for the consumers stays the weekly tops of 74.80.

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