USD/INR technical analysis: Bullish MACD favors extension of multi-year-old rising channel

• USD/INR stays firmer around the yearly high amid bullish MACD.
• A rising trend channel since August 2013 further supports the upside momentum.

Following its run-up to fresh high since December 2018, USD/INR remains positive around 72.20 ahead of the European open on Wednesday.

Bullish signal by the 12-month moving average convergence and divergence (MACD) favors the quote’s further upside towards the previous-year top near 75.00 with 72.82 and 73.30 likely being intermediate halts during the rise.

In a case prices rally beyond 75.00, resistance-line of a six-year-old ascending channel, at 76.00 now, will be on the buyers’ radar.

On the contrary, pair’s pullback below 21-day simple moving average (DMA) level close 71.50 can trigger fresh downpour targeting 71.00 and August month low surrounding 70.35.

However, broader upside momentum can’t be turned down unless the pair drops below the channel’s support, at 65.35 now.

USD/INR monthly chart

Trend: bullish