USD/INR Price Analysis: Bulls remain confident above 74.50


  • 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

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

USD/INR

Overview
Today last price 74.4981
Today Daily Change -0.0603
Today Daily Change % -0.08
Today daily open 74.5584
 
Trends
Daily SMA20 74.5549
Daily SMA50 73.8315
Daily SMA100 73.7524
Daily SMA200 73.6119
 
Levels
Previous Daily High 74.5703
Previous Daily Low 74.2766
Previous Weekly High 75.0155
Previous Weekly Low 74.3213
Previous Monthly High 74.5135
Previous Monthly Low 72.4854
Daily Fibonacci 38.2% 74.4581
Daily Fibonacci 61.8% 74.3888
Daily Pivot Point S1 74.3666
Daily Pivot Point S2 74.1748
Daily Pivot Point S3 74.073
Daily Pivot Point R1 74.6603
Daily Pivot Point R2 74.7621
Daily Pivot Point R3 74.9539

 


 

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.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD tumbles below 1.17 as Fed sets clear taper timeline

EUR/USD has reversed course, plunging under 1.17 after the Fed signaled tapering of bond buys as soon as November, and the conclusion of the process in mid-2022. The hawkish surprise means a rate hike could come sooner. 

EUR/USD News

GBP/USD pares gains on Fed's hawkish shift

GBP/USD is trading under 1.3650, falling as the Fed signaled tapering could begin shortly and end in mid-2022. The prospects of US rate hike are boosting the dollar across the board. 

GBP/USD News

Gold: Fed's hawkish tone marred by risk-on sentiment

Fed leaves interest rates unchanged says moderation in asset purchases "may soon be warranted". Gold volatile on the FOMC statement and rallies into daily resistance. Risk-on tone persists surrounding Evergrande contagion prospects abating. 

Gold News

XRP price bound for another dip before 40% rebound

Ripple price came down 20% since the beginning of this week. With some upside today, bulls stand to face a bull trap that could get quite painful. A better entry point at $0.78 looks to be more promising for bulls.

Read more

Powell Quick Analysis: Three hawkish points propel dollar, NFP critical to cement tapering

Powell surprised by signaling taper announcement could come in November. Tapering may end by mid-2022, opening the door to earlier rate hikes. Powell's comment on employment goal "all but met" is a significant hawkish shift. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures