USD/INR Price Analysis: Upside favored after Tuesday's bullish hammer

USD/INR could revisit the psychological hurdle of 75.00.
Sellers failed to keep the pair below 74.30 on Tuesday.

Omkar Godbole FXStreet Contributor

USD/INR formed a classic bullish hammer on Tuesday, which occurs when an asset reverses intraday losses and ends the day with gains.

The pair found bids below 74.30 on Tuesday and closed 0.12% higher on the day at 74.71.

The bullish hammer shows that sellers came into the market, pushing the spot lower, but by the close, the selling pressure had been absorbed and losses were reversed. As such, it indicates the potential for a strong move on the higher side.

The immediate resistance is seen at 74.83 - the resistance of the trendline connecting June 16 and July 14 highs. A violation there would expose the psychological hurdle of 75.00.

The outlook would turn bullish if the sellers manage to establish a strong foothold below 74.20. This is because the 10-pip range of 74.20 to 74.30 acted as a strong support zone in the previous two weeks and on Tuesday.

Daily chart

Trend: Bullish

Technical levels

USD/INR

Overview
Today last price	74.845
Today Daily Change	-0.0636
Today Daily Change %	-0.08
Today daily open	74.9086

Trends
Daily SMA20	74.9271
Daily SMA50	75.4013
Daily SMA100	75.5462
Daily SMA200	73.5147

Levels
Previous Daily High	74.9316
Previous Daily Low	74.63
Previous Weekly High	75.0026
Previous Weekly Low	74.5052
Previous Monthly High	76.5076
Previous Monthly Low	74.9786
Daily Fibonacci 38.2%	74.8164
Daily Fibonacci 61.8%	74.7453
Daily Pivot Point S1	74.7152
Daily Pivot Point S2	74.5218
Daily Pivot Point S3	74.4136
Daily Pivot Point R1	75.0168
Daily Pivot Point R2	75.125
Daily Pivot Point R3	75.3184

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.