USD/INR Price News: Indian rupee traders battle weekly resistance line around mid-74.00s

• USD/INR stays mildly bid ahead of the Indian session open.
• MACD recedes bearish bias, key SMAs limit immediate downside.

USD/INR prints 0.06% intraday gains while marking 74.48 as a quote before Indian bourses open on Wednesday. In doing so, the pair teases a short-term falling trend line resistance, stretched from Friday.

With the MACD gradually overcoming the bearish bias, the USD/INR buyers are likely to pierce the resistance line, at 74.55 now, which in turn will direct the quote towards another falling trend line, from November 04 that currently stays around 74.70.

In a case where the USD/INR bulls manage to cross 74.70, the monthly high near the 75.00 threshold gains market attention.

On the downside, 50 and 100-bar SMAs, respectively near 74.35 and 74.30, challenge the intraday sellers. Also acting as a downside filter could be the November 06 high of 74.26.

If at all the USD/INR prices drop below 74.25, the 74.00 round-figure and 73.80 may act as buffers before directing the bears toward the monthly low of 73.64.

USD/INR four-hour chart

Trend: Further recovery expected