USD/INR Price Analysis: Indian Rupee bulls stepping in, 74.80s eyed


  • USD/INR is consolidating following a series of downside impulses on the daily chart.
  • Should support hold at this point, then there will be a focus on prior support near 74.80. 

USD/INR bulls recently stepped in to support what was a strong surge to the downside following a month of losses. The following illustrates the current market structure and potential course for the Indian Rupee for the days ahead. 

USD/INR daily chart

As illustrated, the price of USD/INR has revisited the trendline breakout area and is now at a critical juncture from which structure would be expected to act as support in the near term.

Subsequently, the price would be anticipated to correct higher prior to the next impulse to the downside. The 61.8% Fibonacci retracement level is compelling near to 74.80 where it meets a prior support area established in late November. 

Share: Feed news

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.

Recommended content


Recommended content

Editors’ Picks

AUD/USD slips below 0.6700 amid hawkish Fed stance despite RBA’s minutes

AUD/USD slips below 0.6700 amid hawkish Fed stance despite RBA’s minutes

The Australian Dollar registered losses of 0.03% against the US Dollar as Federal Reserve officials hitting the wires were reluctant to hint at when rate cuts begin. Consequently, US Treasury bond yields fell, while the Greenback stood tall, flat at around 104.62. The AUD/USD trades at 0.6668 as Wednesday’s Asian session begins.

AUD/USD News

EUR/USD flattens out near 1.0850 as data looms

EUR/USD flattens out near 1.0850 as data looms

EUR/USD stuck closely to familiar levels on a sedate Tuesday market session. Talking points from Fed officials dominated headlines, but provided little new information for investors to digest, keeping risk appetite suppressed and stapling bids close to opening prices.

EUR/USD News

Gold retreats from peak high amid Fed wary stance

Gold retreats from peak high amid Fed wary stance

Gold price retraces during Tuesday’s North American session after hitting an all-time high of $2,450. Yet it retreated below the April 12 high of $2,431 as the Greenback recovers some ground. The XAU/USD trades around $2,418, after reaching a high of $2,433.

Gold News

Ethereum could see new all-time high following Fidelity and Grayscale updates on ETF application

Ethereum could see new all-time high following Fidelity and Grayscale updates on ETF application

Ethereum (ETH) continued its rally on Tuesday following filings on the Securities & Exchange Commission's (SEC) website showing Fidelity and Grayscale filed an amended S-1 registration and initial 19b-4, respectively, for their spot ETH ETF products.

Read more

RBNZ expected to keep key interest rate on hold as inflation pressures persist

RBNZ expected to keep key interest rate on hold as inflation pressures persist

The Reserve Bank of New Zealand is widely anticipated to maintain the OCR at 5.50%. The language in the policy statement is expected to remain hawkish. The New Zealand Dollar has room to extend its bullish momentum.

Read more

Forex MAJORS

Cryptocurrencies

Signatures