• USD/INR remains depressed after declining the most in a week the previous day.
• 50-SMA pierces 100-SMA from above, suggesting further downside amid steady RSI, sluggish MACD.
• Failures to extend fortnight-old trend line break adds strength to the bearish bias.

USD/INR struggles to defend the 76.00 threshold, sidelined during the mid-Asian session on Wednesday.

That said, the Indian rupee (INR) pair portrayed a bear-cross moving average formation suggesting further downside the previous day while posting the biggest daily loss in a week.

However, sluggish MACD and the resistance-turned-support line from March 08, near 75.95, challenge the USD/INR sellers.

On a clear break of the 75.95, the pair will confirm the bear cross and decline further towards the 200-SMA level surrounding 75.65.

However, the monthly low near 75.20 and the 75.00 psychological magnet will test the USD/INR pair’s further declines.

Alternatively, recovery moves remain elusive until crossing the SMA convergence near 76.25-30.

Following that, a run-up towards the 77.00 round figure and then to the monthly high around 77.17 can’t be ruled out.

USD/INR: Four-hour chart

Trend: Further weakness expected