USD/INR Price News: Indian rupee looks for more upside towards 74.00


  • USD/INR is holding onto this key ascending trendline on the 4H chart.
  • Upside remains capped below 74.57, 50 and 100-SMA confluence.
  • RSI stays bearish, keeping the cross vulnerable.

USD/INR is defending minor bids just below the 74.50 barrier amid a dour market mood, as the meltdown in the Chinese stocks, covid worries and pre-FOMC caution weigh on the investors’ sentiment.

Despite the risk-off mood, the US dollar fails to take advantage of its safe-haven status, as a retreat in the Treasury yields drags the greenback southward.

From a near-term technical perspective, the cross is teasing a downside breakout from the ascending trendline support on the four-hour chart.

A four-hourly closing below the trendline support at 74.45 will open up downside towards the upward-sloping 200-Simple Moving Average (SMA) at 74.26.

Further south, the 74.00 psychological level would draw the sellers’ attention.

The Relative Strength Index (RSI) is inching lower below the midline, keeping the sellers hopeful.  

USD/INR: Four-hour chart

On the upside, the bulls need to crack this key resistance at 74.57, which is the confluence of the horizontal 50 and 100-SMAs, in order to sustain a meaningful recovery towards 0.7500.

Ahead of that hurdle, the price will seek validation above the July 21 high of 74.66.

USD/INR: Additional levels

USD/INR

Overview
Today last price 74.49
Today Daily Change -0.0673
Today Daily Change % -0.09
Today daily open 74.5593
 
Trends
Daily SMA20 74.5408
Daily SMA50 73.7822
Daily SMA100 73.726
Daily SMA200 73.602
 
Levels
Previous Daily High 74.5705
Previous Daily Low 74.3895
Previous Weekly High 75.0155
Previous Weekly Low 74.3213
Previous Monthly High 74.5135
Previous Monthly Low 72.4854
Daily Fibonacci 38.2% 74.5014
Daily Fibonacci 61.8% 74.4586
Daily Pivot Point S1 74.4424
Daily Pivot Point S2 74.3254
Daily Pivot Point S3 74.2614
Daily Pivot Point R1 74.6234
Daily Pivot Point R2 74.6874
Daily Pivot Point R3 74.8044

 

 

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