USD/INR Price News: Indian rupee bulls keep reins above 74.00, rising wedge in focus


  • USD/INR drops below 10-DMA for the first time in five weeks.
  • MACD conditions favor bearish momentum but 74.00 becomes the key.
  • Bulls need a daily closing beyond mid-April lows to confirm further ruling.

USD/INR remains on the back foot near the weekly low, down 0.05% around 74.28, amid the initial hour of the Indian trading session for Tuesday. The Indian rupee (INR) pair justifies the downside momentum with a first break below 10-DMA since early June inside a two-month-old rising wedge bearish chart formation.

In addition to the immediate DMA breakdown, downward sloping MACD lines to cross the signal indicator and general a bearish bar also favor the USD/INR sellers.

However, the support line of the stated wedge, near the 74.00 round figure becomes a crucial level to watch during the pair’s further weakness as a break of which will not hesitate to challenge the yearly low surrounding 72.15.

During the fall, the late March’s top around 73.60 and the 73.00 threshold may entertain the USD/INR bears.

Meanwhile, a daily closing past the 10-DMA level of 74.31 will renew the buying pressure towards April 19 bottom close to 74.55.

It’s worth noting that the USD/INR upside beyond 74.55 could challenge the bearish chart pattern, as bulls will then attack the 74.85 level comprising the wedge’s resistance line.

Overall, USD/INR consolidates recent gains but bears need confirmation to retake the controls.

USD/INR: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 74.2595
Today Daily Change -0.0521
Today Daily Change % -0.07%
Today daily open 74.3116
 
Trends
Daily SMA20 73.9062
Daily SMA50 73.5451
Daily SMA100 73.4868
Daily SMA200 73.514
 
Levels
Previous Daily High 74.5725
Previous Daily Low 74.2581
Previous Weekly High 74.8958
Previous Weekly Low 74.14
Previous Monthly High 74.5135
Previous Monthly Low 72.4854
Daily Fibonacci 38.2% 74.3782
Daily Fibonacci 61.8% 74.4524
Daily Pivot Point S1 74.189
Daily Pivot Point S2 74.0663
Daily Pivot Point S3 73.8746
Daily Pivot Point R1 74.5034
Daily Pivot Point R2 74.6951
Daily Pivot Point R3 74.8178

 

 

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