USD/INR Price News: Indian rupee bears attack monthly hurdle around mid 74.00s

USD/INR reverses early Asian losses, jostles with 200-SMA.
Bullish MACD hints break of the key resistance line.
Weekly support line holds gate for bear’s entry.

Anil Panchal FXStreet

USD/INR reverses the early-day losses, picking up bids to 74.45, heading into Friday’s European session. In doing so, the Indian rupee (INR) pair battles 200-SMA and a descending resistance line from July 30.

Given the strong MACD conditions, coupled with the pair’s successful trading above the one-week-old rising trend line, USD/INR prices may overcome the immediate hurdle to the north below 74.50.

The same will help the pair buyers to challenge the monthly peak surrounding 74.55 and late July tops near 74.62.

However, any further upside will not hesitate to recall the 75.00 threshold to the chart.

Alternatively, a downside break of the immediate support line around 74.30 will direct USD/INR sellers to the monthly low surrounding 74.05.

Though, bears need to conquer the 74.00 round figure, comprising lows marked since June, to keep the reins afterward.

USD/INR: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	74.4316
Today Daily Change	0.0023
Today Daily Change %	0.00%
Today daily open	74.4293

Trends
Daily SMA20	74.3242
Daily SMA50	74.3133
Daily SMA100	74.0259
Daily SMA200	73.6234

Levels
Previous Daily High	74.4689
Previous Daily Low	74.2666
Previous Weekly High	74.5575
Previous Weekly Low	74.1002
Previous Monthly High	75.0155
Previous Monthly Low	74.2104
Daily Fibonacci 38.2%	74.3916
Daily Fibonacci 61.8%	74.3438
Daily Pivot Point S1	74.3076
Daily Pivot Point S2	74.1859
Daily Pivot Point S3	74.1053
Daily Pivot Point R1	74.51
Daily Pivot Point R2	74.5906
Daily Pivot Point R3	74.7123

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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