USD/INR Price News: Indian rupee buyers battle key hurdle around 74.50-45


  • USD/INR struggles to extend previous day’s pullback, offered near intraday low.
  • 100-SMA, rising wedge support and ascending trend line from May 31 constitute the crucial level.
  • Bulls remain cautious below 75.00 threshold, bears can aim for early June tops on support break.

USD/INR reverses early Asian bearish consolidation while taking offers near 74.45 heading into Thursday’s European session.

In doing so, the Indian rupee (INR) pair sellers attack the key convergence comprising 100-SMA, lower line of a three-week-old rising wedge bearish formation and an ascending support line from May 31.

Given the pair’s inability to cross the 75.00 hurdle, coupled with the recently picking up Momentum line, as the quote eases, USD/INR prices are likely to conquer the important support convergence near 74.50-45.

Following that, early June’s top near 73.30 becomes a theoretical target to watch but the 74.00 round figure and June 18 low near 73.80 may offer intermediate halts during the expected fall.

Meanwhile, USD/INR bulls may hesitate until the quote crosses the 75.00 resistance even as short-term bounce may recall the 74.70 level to the chart.

It should, however, be noted that a daily closing beyond the 75.00 level will enable the pair buyers to challenge the yearly top surrounding 75.65.

USD/INR: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 74.4725
Today Daily Change 0.0141
Today Daily Change % 0.02%
Today daily open 74.4584
 
Trends
Daily SMA20 74.3995
Daily SMA50 73.6231
Daily SMA100 73.6314
Daily SMA200 73.5567
 
Levels
Previous Daily High 74.8515
Previous Daily Low 74.4581
Previous Weekly High 74.9115
Previous Weekly Low 74.2544
Previous Monthly High 74.5135
Previous Monthly Low 72.4854
Daily Fibonacci 38.2% 74.6084
Daily Fibonacci 61.8% 74.7012
Daily Pivot Point S1 74.3272
Daily Pivot Point S2 74.1959
Daily Pivot Point S3 73.9338
Daily Pivot Point R1 74.7206
Daily Pivot Point R2 74.9827
Daily Pivot Point R3 75.114

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD bulls hang in there in slower pace Asia, Evergrande digested

EUR/USD is flat in a quiet Asian session following a turbulent start to the week. At the time of writing, EUR/USD is trading at 1.1728 between 1.1725 and 1.1731. Forex markets were quite contained given the scale of equity losses on the back of the Evergrande news. 

EUR/USD News

GBP/USD: Upside needs validation above 1.3670

GBP/USD takes a breather after the previous session’s heavy sell-off. The pair dropped below 1.3650 in a more than 100-pips movement. At the time of writing, GBP/USD is trading at 1.3660, up 0.03% for the day.

GBP/USD News

EUR/USD bulls hang in there in slower pace Asia, Evergrande digested

EUR/USD is flat in a quiet Asian session following a turbulent start to the week. At the time of writing, EUR/USD is trading at 1.1728 between 1.1725 and 1.1731. Forex markets were quite contained given the scale of equity losses on the back of the Evergrande news. 

EUR/USD News

Ethereum bears gain control, ETH price targets $2,500

Ethereum price continues to follow all crypto and non-crypto markets in a broad risk-off sell-off. Ethereum bears, which targeted the $2,900 value area, succeeded and now focus on $2,500.

Read more

The wrong question on Evergrande

The 3rd week of September keeps up with its negative seasonality as one of the worst weeks of the year amid surging fears of Fed taper and Evergrande.

Read more

Forex MAJORS

Cryptocurrencies

Signatures