USD/INR Price News: Indian rupee looks for more upside towards 74.00
|USD/INR is defending minor bids just below the 74.50 barrier amid a dour market mood, as the meltdown in the Chinese stocks, covid worries and pre-FOMC caution weigh on the investors’ sentiment. Despite the risk-off mood, the US dollar fails to take advantage of its safe-haven status, as a retreat in the Treasury yields drags the greenback southward. From a near-term technical perspective, the cross is teasing a downside breakout from the ascending trendline support on the four-hour chart. A four-hourly closing below the trendline support at 74.45 will open up downside towards the upward-sloping 200-Simple Moving Average (SMA) at 74.26. Further south, the 74.00 psychological level would draw the sellers’ attention. The Relative Strength Index (RSI) is inching lower below the midline, keeping the sellers hopeful. On the upside, the bulls need to crack this key resistance at 74.57, which is the confluence of the horizontal 50 and 100-SMAs, in order to sustain a meaningful recovery towards 0.7500. Ahead of that hurdle, the price will seek validation above the July 21 high of 74.66.
USD/INR: Four-hour chart
USD/INR: Additional levels
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.