• USD/INR consolidates the biggest daily jump since mid-June.
  • Sluggish Momentum, failures to cross July’s top keep pair sellers hopeful.
  • 50-DMA, previous resistance line challenge bears, 75.63-65 becomes the key hurdle for the bulls.

USD/INR remains on the back foot around 74.85, down 0.20% intraday during early Monday morning in Europe. The Indian rupee (INR) pair poked the monthly high the previous day while posting the heaviest daily jump since June 17.

However, failures to provide a daily closing beyond July’s peak and sluggish Momentum line favor short-term bears.

That said, the latest pullback is likely to extend towards a convergence of the 50-DMA and previous resistance line from October 12, around 74.60-58.

It should be noted, though, that any further downside past 74.58 will not hesitate to challenge 38.2% Fibonacci retracement (Fibo.) of February-October upside and an ascending support line from September 01, respectively around 74.30 and 74.10.

On the flip side, a daily closing beyond July’s high of 75.01 will aim to cross the double tops surrounding 75.65. Following that, a run-up towards the 76.00 can’t be ruled out.

To sum up, USD/INR bulls remain on the driver’s seat but intermediate pullbacks can be expected.

USD/INR: Daily chart

Trend: Further weakness expected

Additional important levels

Today last price 74.8048
Today Daily Change -0.1917
Today Daily Change % -0.26%
Today daily open 74.9965
Daily SMA20 74.4199
Daily SMA50 74.5558
Daily SMA100 74.3046
Daily SMA200 73.9357
Previous Daily High 75.1025
Previous Daily Low 74.496
Previous Weekly High 75.1025
Previous Weekly Low 74.3021
Previous Monthly High 75.651
Previous Monthly Low 74.0821
Daily Fibonacci 38.2% 74.8708
Daily Fibonacci 61.8% 74.7277
Daily Pivot Point S1 74.6275
Daily Pivot Point S2 74.2585
Daily Pivot Point S3 74.0209
Daily Pivot Point R1 75.234
Daily Pivot Point R2 75.4716
Daily Pivot Point R3 75.8406



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 Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD is consolidated at the start of the Asian day following some back and forth at the start of the week. The Aussie is trading at 0.6922 and will be dependent on the trajectory of the greenback in the absence of domestic data this week other than Retail Sales tomorrow. 


EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD holds onto the pullback from a two-week high as bulls get rejections from short-term key resistances, as well as risk-off mood, during Tuesday’s Asian session. The major currency pair remains pressured around 1.0585.


Gold sees downside below $1,820, focus shifts to Fed Powell

Gold sees downside below $1,820, focus shifts to Fed Powell

Gold price displayed a failed attempt to sustain above the critical resistance of $1,840.00 on Monday. The precious metal has turned sideways after a sheer downside move and is expected to extend its losses after violating the crucial support of $1,820.85.

Gold News

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize. LUNA price sees an uptick in social media commentary.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!