USD/INR Price Analysis: Bears look to test 21-DMA support
|- USD/INR remains in the red for the third straight day on Monday.
- The pair is stuck in tight range near 74.50, awaits fresh impetus.
- An impending bear cross could exacerbate the pain in the spot.
USD/INR is extending the retreat from three-month highs of 74.91 into a fresh trading week on Monday, falling for the third straight day.
In doing so, the pair is approaching the critical upward-pointing 21-Daily Moving Average (DMA) at 74.25.
The further downside remains exposed below the latter, as the price is about to confirm a bear cross on the daily sticks.
The 100-DMA is on the verge of crossing the 50-DMA to the upside, which would chart a bear cross.
USD/INR daily chart
However, the declines could remain limited, as the 14-day Relative Strength Index (RSI) still sits comfortably above the midline, currently at 58.88.
Only a decisive break above the 75 mark could negate the near-term bearish momentum.
Further up, the buyers would then target the April 23 high of $75.13.
USD/INR additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.