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.

Dhwani Mehta FXStreet

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

USD/INR

Overview
Today last price	74.4445
Today Daily Change	-0.0353
Today Daily Change %	-0.05
Today daily open	74.4798

Trends
Daily SMA20	74.2373
Daily SMA50	73.5766
Daily SMA100	73.5668
Daily SMA200	73.539

Levels
Previous Daily High	74.9115
Previous Daily Low	74.4798
Previous Weekly High	74.9115
Previous Weekly Low	74.2544
Previous Monthly High	74.5135
Previous Monthly Low	72.4854
Daily Fibonacci 38.2%	74.6447
Daily Fibonacci 61.8%	74.7466
Daily Pivot Point S1	74.3359
Daily Pivot Point S2	74.192
Daily Pivot Point S3	73.9042
Daily Pivot Point R1	74.7676
Daily Pivot Point R2	75.0554
Daily Pivot Point R3	75.1993

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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