USD/INR Price Analysis: Indian rupee seesaws in a choppy range above 75.00

USD/INR takes a U-turn from one-week-old trading range’s resistance.
200-bar SMA adds strength to the upper limit, 75.30 offers extra support.
A broad two-month-old sideways move suggests near-term downside but no major weakness unless breaking 74.95 support.

Anil Panchal FXStreet

USD/INR drops to 75.56 while flashing 0.08% intraday losses during the pre-European session on Monday. The pair recently reversed from the resistance line of a one-week-old trading range.

As a result, the sellers are targeting a re-test of the range support, around-75.45. Also likely to lure the bears is the June 03 low near 75.30 and 75.00 round-figure.

However, the monthly low as well as April month’s bottom, near 74.98 and 74.95 respectively, offer additional downside filters during the quote weakness past-75.00.

Alternatively, a 200-bar SMA level of 75.72 could offer nearby resistance to the pair ahead of the said range’s upper line, close to 75.77.

If at all the bulls manage to cross 75.77, a bit broader trading region between 74.95 and 76.50 will gain the traders’ attention.

USD/INR four-hour chart

Trend: Sideways

Additional important levels

Overview
Today last price	75.56
Today Daily Change	-0.0601
Today Daily Change %	-0.08%
Today daily open	75.6201

Trends
Daily SMA20	75.7417
Daily SMA50	75.7846
Daily SMA100	74.9476
Daily SMA200	73.0804

Levels
Previous Daily High	75.6796
Previous Daily Low	75.445
Previous Weekly High	76.2952
Previous Weekly Low	75.445
Previous Monthly High	76.1945
Previous Monthly Low	75.0489
Daily Fibonacci 38.2%	75.59
Daily Fibonacci 61.8%	75.5346
Daily Pivot Point S1	75.4835
Daily Pivot Point S2	75.347
Daily Pivot Point S3	75.249
Daily Pivot Point R1	75.7181
Daily Pivot Point R2	75.8161
Daily Pivot Point R3	75.9526

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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