- USD/INR is defending the 200-SMA support on the 4H chart.
- The 50 and 100-SMAs confluence at 74.57 continue to guard the upside.
- RSI ticks higher but remains below the midline, backing the bears.
The spot is hovering in the lower bound of the recent trading range blow mid-74s due to the recent decline in the US dollar across its main peers.
Looking at USD/INR’s four-hour chart, the cross has managed to defend the 200-Simple Moving Average (SMA) at 74.29 (for now).
With the Relative Strength Index (RSI) seeing an uptick, the price has bounced off lows. However, the leading indicator continues to hold within the bearish region, suggesting that the bearish bias remains well in place for the currency pair.
A four-hourly closing below the 200-SMA is needed to expose the 74.00 mark.
USD/INR: Four-hour chart
On the flip side, immediate resistance is placed at the mildly bearish 21-SMA at 74.43. Further up, the buyers could aim for the July 21 high of 74.66.
The bulls need a sustained break above 74.57, which is the confluence of the horizontal 50 and 100-SMAs, in order to sustain a meaningful recovery towards 0.7500.
USD/INR: Additional levels
|Today last price||74.336|
|Today Daily Change||0.0586|
|Today Daily Change %||0.08|
|Today daily open||74.2774|
|Previous Daily High||74.578|
|Previous Daily Low||74.2683|
|Previous Weekly High||75.0155|
|Previous Weekly Low||74.3213|
|Previous Monthly High||74.5135|
|Previous Monthly Low||72.4854|
|Daily Fibonacci 38.2%||74.3866|
|Daily Fibonacci 61.8%||74.4597|
|Daily Pivot Point S1||74.1711|
|Daily Pivot Point S2||74.0648|
|Daily Pivot Point S3||73.8613|
|Daily Pivot Point R1||74.4808|
|Daily Pivot Point R2||74.6843|
|Daily Pivot Point R3||74.7906|
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