USD/INR Price News: Indian rupee remains under pressure below 200-DMA

• USD/INR makes a cautious approach and moves higher following the previous session’s gains.
• More upside for the pair if price is able to break the 73.20 critical resistance level.
• Momentum oscillator holds into the oversold zone warns of any aggressive bets.

USD/INR continues to edge higher in the early European trading hours on the last trading day of the week. The pair moves in a very narrow trade band of less than 10-pips.

At the time of writing, USD/INR is trading at 73.07, up 0.06% for the day.

USD/INR daily chart

On the daily chart, USD/INR has been trading in a broader trading range of 74.05 and 74.50 for more than two months before breaking the range on August 27 with heavy selling pressure.

Furthermore, the downside is confirmed after price slipped below the 200-day Simple Moving Average (SMA) at 73.59. However, USD/INR took a breather near 72.90 with multi-month support at this level.

The formations of Doji Candlesticks suggests indecisiveness among traders. 

The Moving Average Convergence Divergence (MACD) indicator holds onto the oversold zone. Any uptick in the MACD would make the meeting of the 73.20 horizontal resistance level a possiblity.

USD/INR bulls would likely march toward the 200-DMA at 73.60 followed by the high of August 27 at  74.19

Alternatively, on the downside, the first target could be located at the 72.80 horizontal support level.
Next, the price will gravitate towards the 72.50 horizontal support level only to test the 5-month low level made on May 28 at 72.33.

USD/INR daily chart