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.

Rekha Chauhan Independent Analyst

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

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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