- USD/INR struggles to preserve the previous session’s upside momentum.
- Bulls face stiff resistance near the 74.50 critical resistance area.
- Momentum oscillators hold onto an overbought zone with a neutral bias.
USD/INR edges marginally lower in the Asian trading hours on Wednesday. The pair encounters a strong resistance barrier near the critical 74.50 mark.
At the time of writing, USD/INR is trading at 74.50, down 0.08% for the day.
USD/INR daily chart
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On the daily chart, the pair has been rising from the lows of 72.91 since early June. The ascending trendline acts as a defensive for USD/INR bulls.
A sustained move above 74.50, the key psychological mark would strengthen the upward price action further. The bulls would march toward the 74.80 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 recapture the July 20 high at 75.00
A daily close above the 75.00 would open the gates for the levels last seen in April. USD/INR bulls would aim for the April 26 high at 75.26.
Alternatively, if price slips below the session’s low, it could move back to the previous day’s low of 74.27.
Market participants would then aim for the 74.00 horizontal support level followed by the June 18 low at 73.82.
USD/INR additional levels
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