• USD/INR struggles to extend pullback from five-week high.
• Bullish MACD, sustained trading beyond 50-DMA favor buyers.
• 12-day-old support line follows 50-DMA to test bears, October 2021 high challenge buyers after refreshing monthly high.

USD/INR seesaws around 75.00 during Monday’s Asian session, following a pullback from the highest levels since December 23 the previous day.

In doing so, the Indian rupee (INR) pair stays past the 50-DMA level near 74.90, which restricted the quote’s pullback from the multi-day top on Friday.

Also acting as immediate support is an upward sloping trend line from January 13, near 74.80.

It’s worth mentioning that the 50% Fibonacci retracement (Fibo.) of September-December upside close to 74.75 becomes important to watch during the USD/INR weakness past 74.80 as a break of which will direct the quote towards 74.30 level.

On the flip side, the recent high surrounding 75.35 lure short-term USD/INR buyers ahead of the November 2021 peak of 75.65.

During the quote’s rise past 75.65, the 76.00 threshold and December 2021 high near 76.60 will be in focus.

Overall, bullish MACD signals and the pair’s sustained trading beyond the short-term key supports keep USD/INR buyers hopeful.

USD/INR: Daily chart

Trend: Further upside expected