• USD/INR grinds lower following a U-turn from two-week high.
  • Sustained trading below 20-DMA, immediate resistance line joins bearish MACD signals to favor sellers.
  • July’s high adds strength to 75.00-05 resistance confluence, 14-week-long horizontal area offers extra support.

USD/INR remains on a back foot around 74.85, following the week-start losses, during early Tuesday.

The Indian rupee (INR) pair jumped to the highest in two weeks before dropping back below a three-week-old resistance line and 20-DMA.

The pullback moves gain support from the bearish MACD signals to direct the sellers toward an ascending support line from early September, near 74.73.

Adding to the downside filter is a horizontal area comprising multiple tops marked since late July around 74.60-58.

Meanwhile, 20-DMA and the stated resistance line, respectively around 75.00 and 75.05, join the July month’s high to amplify the importance of the 75.00-75.05 resistance convergence.

Should the USD/INR bulls remain dominant past 75.05, the 75.30-35 area may offer an intermediate halt during the run-up to October’s peak of 75.65.

USD/INR: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 74.8551
Today Daily Change 0.0188
Today Daily Change % 0.03%
Today daily open 74.8363
Daily SMA20 74.9985
Daily SMA50 74.2162
Daily SMA100 74.2845
Daily SMA200 73.7865
Previous Daily High 75.1908
Previous Daily Low 74.8008
Previous Weekly High 75.1736
Previous Weekly Low 74.7536
Previous Monthly High 75.651
Previous Monthly Low 74.0821
Daily Fibonacci 38.2% 74.9498
Daily Fibonacci 61.8% 75.0418
Daily Pivot Point S1 74.6944
Daily Pivot Point S2 74.5526
Daily Pivot Point S3 74.3045
Daily Pivot Point R1 75.0844
Daily Pivot Point R2 75.3326
Daily Pivot Point R3 75.4744



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