USD/INR Price Analysis: Bulls eyes 75 as key support remains intact

USD/INR remains on track to close the second straight day in the positive territory.
Broad-based USD strength is helping USD/INR push higher.
The next target on the upside is located at 75.

Eren Sengezer FXStreet

After posting small gains on Monday, the USD/INR continued to edge higher on Tuesday and remains on track to close in the positive territory near 74.60.

The renewed USD strength seems to be helping USD/INR gather bullish momentum. Earlier in the day, the data from the US showed that the annual Consumer Price Index (CPI) rose to 5.4% in June from 5% in May. This reading surpassed the market expectation of 5% and provided a boost to the USD. Additionally, rising US Treasury bond yields following the dismal 30-year note auction allowed the greenback to continue to outperform its rivals.

USD/INR technical outlook

Earlier in the day, USD/INR edged lower toward 74.40 but the 20-day SMA located in that area acted as support. Meanwhile, the Relative Strength Index (RSI) indicator on the daily chart stays around 60, suggesting that there is more room on the upside before the pair becomes technically overbought.

74.80 aligns as interim resistance ahead of 75 (psychological level). A daily close above that level could open the door for additional gains toward the next static hurdle at $75.20.

On the downside, the initial support could be seen at 74.40 (20-day SMA) ahead of 74.30 (Fibonacci 61.8% retracement of the mid-April-June downtrend) and 74 (psychological level).

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

EUR/USD clings to gains around 1.1800

EUR/USD manages to regain composure and retests the 1.1800 region in quite a positive start to the week. The pair’s bounce follows the US Dollar’s offered stance post-SCOTUS ruling ahead of important US data and Fedspeak on Tuesday.

GBP/USD looks stuck around 1.3500 amid firm gains

GBP/USD is pushing further north on Monday, revisiting the 1.3500 hurdle and beyond. Cable’s uptick is largely being fuelled by the broader softness in the Greenback, amid lingering uncertainty around tariffs.

Gold pops above $5,200, four-week highs

Gold is holding onto its bullish tone on Monday, reaching new multi-week highs just past the $5,200 mark per troy ounce. Fresh trade-war concerns, coupled with rising geopolitical tensions in the Middle East, are keeping demand for the yellow metal well on the rise.

Ethereum Price Forecast: BitMine's holdings reach 4.42 million ETH as Fundstrat predicts 87% win-ratio

Ethereum (ETH) treasury firm BitMine Immersion Technologies (BMNR) scooped up 51,162 ETH last week, marking its largest purchase since December.

Supreme Court nixes tariffs, Trump teases 15% global tariff

On February 20th, the Supreme Court ruled that Trump’s global tariffs under IEEPA authority were unconstitutional, effectively nullifying the framework. However, the relief was short-lived. Within hours, Trump floated a 15% blanket tariff under an alternative legal authority.

XRP recovers slightly as bearish sentiment dominates crypto market

Ripple is rising above $1.40 at the time of writing on Monday amid fresh tariff-triggered headwinds in the broader cryptocurrency market. The sell-off to $1.33, the token’s intraday low, can be attributed to macroeconomic uncertainty, geopolitical tensions and risk-averse sentiment among other factors.