USD/INR Price Analysis: Approaches multi-month high above 74.50


  • 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

USD/INR

Overview
Today last price 74.3505
Today Daily Change 0.0189
Today Daily Change % 0.03
Today daily open 74.3316
 
Trends
Daily SMA20 73.6778
Daily SMA50 73.5736
Daily SMA100 73.4329
Daily SMA200 73.5031
 
Levels
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

 


 

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