USD/INR Price News: Charts point to continued strength in Indian rupee

USD/INR has dropped by over 1% in the past five days.
The INR could appreciate further to 74.00 per US dollar.

Omkar Godbole FXStreet Contributor

USD/INR looks south, having declined from 75.37 to 74.528 over the past five trading days.

The daily chart shows head-and-shoulders breakdown and lower highs, lower lows setup. The 5- and 10-day simple moving averages (SMA) are trending south, indicating a bearish setup. Further, the 50- and 100-day SMAs have produced a bearish crossover.

As such, the odds appear stacked in favor of a deeper drop to 74.00. A violation there would expose the 200-day SMA currently located at 73.4318.

A close above the 10-day SMA at 74.98 is needed to invalidate the bearish setup.

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	74.5352
Today Daily Change	-0.0048
Today Daily Change %	-0.01
Today daily open	74.54

Trends
Daily SMA20	75.1257
Daily SMA50	75.4837
Daily SMA100	75.5003
Daily SMA200	73.4219

Levels
Previous Daily High	74.86
Previous Daily Low	74.5206
Previous Weekly High	75.575
Previous Weekly Low	74.8976
Previous Monthly High	76.5076
Previous Monthly Low	74.9786
Daily Fibonacci 38.2%	74.6502
Daily Fibonacci 61.8%	74.7303
Daily Pivot Point S1	74.4204
Daily Pivot Point S2	74.3007
Daily Pivot Point S3	74.0809
Daily Pivot Point R1	74.7598
Daily Pivot Point R2	74.9796
Daily Pivot Point R3	75.0993

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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