USD/INR Price News: Rupee justifies the upside break of a three-month-old resistance, now support, while refreshing the highest levels since April 27 during early Friday. That said, the Indian rupee (INR) bears print 74.63 as a quote versus the US dollar, up 0.12% intraday, ahead of the critical US jobs report.
USD/INR Price News
Given the pair’s successful break of the previously important horizontal resistance, backed by bullish MACD and trading above 10-DMA, rupee braces for another horizontal hurdle stretched from early November, surrounding $74.70.
However, any further upside past-74.70 will be questioned by an ascending trend line from May 14, near 74.80, a break of which could recall the 75.00 threshold to the chart. Meanwhile, a downside break of the resistance-turned-support near 74.50 may bounce off the 10-DMA level of 74.30 before highlighting the 74.18-12 region for rupee sellers, comprising multiple levels marked since late December 2020.
It’s worth noting that the overbought RSI conditions and receding bullish bias of MACD may trigger the pair’s pullback moves from the nearby resistances. Though, it all depends upon the US Nonfarm Payrolls and hence traders should be cautious ahead of the event.