- USD/INR continues with its late May month rally and remains on track to gain above 74.50.
- Bulls face stiff resistance near the 74.50 key psychological mark.
- Momentum oscillations tilt in the favor of upside momentum.
USD/INR accumulates minor gains on Thursday in the Asian session. The pair moves in a 10 pips trading band with an upside bias.
At the time of writing, USD/INR is trading at 74.35, up 0.06% for the day.
USD/INR daily chart
On the daily chart, the pair has been consolidating in the 74.10-74.50 trading band for the previous two weeks.
A daily close above 74.50, the key psychological mark would strengthen the upward price action further. USD/INR bulls will march toward the 73.50 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 rupture June 26 high at 75.26 followed by the 75.25 horizontal resistance level.
Alternatively, if price failed to break 74.50, it could move back to the lower trading range at 74.10.
A sustained move below the 23.6% Fibonacci retracement, which extends from the low of 72.33 at 74.00 will open the gates for further downside movement.
Market participants would then aim for the 73.75 horizontal support level followed by the 50% Fibonacci retracement at 73.40.
USD/INR additional level
|Today last price||74.3505|
|Today Daily Change||0.0189|
|Today Daily Change %||0.03|
|Today daily open||74.3316|
|Previous Daily High||74.4638|
|Previous Daily Low||74.2119|
|Previous Weekly High||74.5135|
|Previous Weekly Low||74.0585|
|Previous Monthly High||74.5135|
|Previous Monthly Low||72.4854|
|Daily Fibonacci 38.2%||74.3676|
|Daily Fibonacci 61.8%||74.3081|
|Daily Pivot Point S1||74.2077|
|Daily Pivot Point S2||74.0839|
|Daily Pivot Point S3||73.9558|
|Daily Pivot Point R1||74.4596|
|Daily Pivot Point R2||74.5877|
|Daily Pivot Point R3||74.7115|
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.