USD/INR Price Analysis: Remains on the track to hit 75.00 mark
|- USD/INR continues to march higher while consolidates for the previous two trading sessions.
- Bulls face stiff resistance near the 74.80 critical resistance area.
- Momentum oscillators hold onto an overbought zone with an upside bias.
USD/INR edges marginally lower in the Asian trading hours on Thursday. The pair moves in the previous day’s trading range between 74.60 and 74.80.
At the time of writing, USD/INR is trading at 74.77, down0.06% for the day.
USD/INR daily chart
On the daily chart, the pair has been rising from the lows of 72.33 since late May. The ascending trendline acts as a defensive for USD/INR bulls.
A sustained move above 74.80, the key psychological mark would strengthen the upward price action further. The bulls would march toward the 75.00 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades consistently above the midline, which indicates a continuation of the prevailing trend in the pair.
In doing so, the bulls would attempt to recapture the April 26 high at 75.26 followed by the high of April 21 at 75.63. This is the same level from where the price took a U-turn.
Alternatively, if price slips below the session’s low, it could move back to the previous day’s low of 74.60.
A break of the bullish slope line would amplify the selling pressure in the pair toward the 74.20 horizontal support level.
Market participants would then aim for the low of June 17 at 73.58.
USD/INR additional levels
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