- USD/INR is about to end the week with modest gains.
- Chart is biased to the upside, with dollar’s momentum fading.
- Break under 74.40 to strengthen the Indian rupee.
The USD/INR is rising on Friday as it continues to rebound after approaching a critical support around 74.40/50. The mentioned area contains a horizon level, the 20-day simple moving average and a short-term uptrend line. The average is starting to flatten showing fading momentum for the US dollar.
A break under 74.40 would turn the short-term outlook to negative, leaving it vulnerable to more losses. The target is seen at 74.10. The area between 74.00 and 74.10 is a strong support band that should limit the decline initially, favoring a rebound.
On the upside, a close above 74.69 should clear the way for a new test of USD/INR to the 74.90 barrier. That area is a key resistance that protects 75.00. Above the next resistance level might be seen at 75.40 and 75.65 (April high).
USD/INR daily chart
|Today last price||74.6145|
|Today Daily Change||0.0810|
|Today Daily Change %||0.11|
|Today daily open||74.5335|
|Previous Daily High||74.5613|
|Previous Daily Low||74.45|
|Previous Weekly High||74.9115|
|Previous Weekly Low||74.2544|
|Previous Monthly High||74.5135|
|Previous Monthly Low||72.4854|
|Daily Fibonacci 38.2%||74.5188|
|Daily Fibonacci 61.8%||74.4925|
|Daily Pivot Point S1||74.4686|
|Daily Pivot Point S2||74.4036|
|Daily Pivot Point S3||74.3573|
|Daily Pivot Point R1||74.5799|
|Daily Pivot Point R2||74.6262|
|Daily Pivot Point R3||74.6912|
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