USD/INR Price News: Indian rupee treads water between 50-DMA and 17-day-old hurdle

• USD/INR seesaws in a choppy range above 74.00, pressured of late.
• Bearish MACD, multiple failures to stay beyond 61.8% Fibonacci retracement favor sellers.
• Bulls have multiple hurdles before retaking the controls.

USD/INR remains indecisive around 74.25 amid early Friday’s trading. In doing so, the Indian rupee (INR) pair keeps the one-week-old trend of trading between 50-DMA and a descending resistance line from July 21.

However, the bearish MACD and the pair’s repeated pullbacks below 61.8% Fibonacci retracement (Fibo) level of April–May fall keep the sellers hopeful.

Though, a daily closing below the 50-DMA level of 74.20 becomes necessary before dragging the quote to late June’s swing lows near the 74.05 threshold and 50% Fibo level of 73.98.

During the quote’s weakness past 73.98, 73.70 and early June’s tops near 73.30 should return to the charts.

On the contrary, 61.8% Fibo level of 74.37 guards immediate upside before the stated resistance line near 74.53.

In a case where USD/INR bulls conquer the trend line resistance, early July tops surrounding 74.90 and the last month’s high near the 75.00 round figure will precede the 75.30 and the yearly peak of 75.63 on their radars.

USD/INR: Daily chart

Trend: Further weakness expected