- 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.
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
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