USD/INR Price Analysis: Remains on the track to hit 75.00 mark


  • USD/INR continues to march higher while consolidates for the previous two trading sessions.
  • Bulls face stiff resistance near the 74.80 critical resistance area.
  • Momentum oscillators hold onto an overbought zone with an upside bias.

USD/INR edges marginally lower in the Asian trading hours on Thursday. The pair moves in the previous day’s trading range between 74.60 and 74.80.

At the time of writing, USD/INR is trading at 74.77, down0.06% for the day.

USD/INR daily chart

On the daily chart, the pair has been rising from the lows of 72.33 since late May. The ascending trendline acts as a defensive for USD/INR bulls.

A sustained move above  74.80, the key psychological mark would strengthen the upward price action further. The bulls would march toward the 75.00 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator trades consistently above the midline, which indicates a continuation of the prevailing trend in the pair.

In doing so, the bulls would attempt to recapture the April 26 high at 75.26 followed by the high of April 21 at  75.63. This is the same level from where the price took a U-turn.

Alternatively, if price slips below the session’s low, it could move back to the previous day’s low of 74.60.

A break of the bullish slope line would amplify the selling pressure in the pair toward the 74.20 horizontal support level.

Market participants would then aim for the low of June 17 at 73.58.

USD/INR additional  levels

USD/INR

Overview
Today last price 74.795
Today Daily Change -0.0322
Today Daily Change % -0.04
Today daily open 74.8272
 
Trends
Daily SMA20 74.0881
Daily SMA50 73.5588
Daily SMA100 73.526
Daily SMA200 73.5257
 
Levels
Previous Daily High 74.8444
Previous Daily Low 74.6011
Previous Weekly High 74.8958
Previous Weekly Low 74.14
Previous Monthly High 74.5135
Previous Monthly Low 72.4854
Daily Fibonacci 38.2% 74.7515
Daily Fibonacci 61.8% 74.694
Daily Pivot Point S1 74.6707
Daily Pivot Point S2 74.5142
Daily Pivot Point S3 74.4274
Daily Pivot Point R1 74.914
Daily Pivot Point R2 75.0008
Daily Pivot Point R3 75.1573

 


 

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