• USD/INR consolidates the heaviest daily gains in over a week.
  • Convergence of 200-SMA, monthly falling trend line guards immediate upside.
  • Downbeat sloping RSI, not oversold direct sellers towards two-month-old horizontal support.

USD/INR drops back to 74.32, reversing the previous day’s up-moves, ahead of Wednesday’s European session. In doing so, the Indian rupee (INR) pair drops 0.06% intraday by printing a U-turn from the key resistance confluence comprising 200-SMA and descending trend line from July 21.

Given the RSI conditions being not oversold, coupled with the sustained weakness below the key hurdle, the latest USD/INR pullback is likely to extend.

Hence, the late July bottoms surrounding 74.20 gains the immediate attention of the USD/INR sellers.

However, a horizontal area including multiple levels marked since late June, around the 74.00 threshold, becomes a tough nut to crack for the pair bears afterward.

Meanwhile, a clear upside break of 74.45 will trigger the USD/INR run-up towards the monthly high near 74.60.

In a case where the pair buyers remain on the driver’s seat past 74.60, the yearly top surrounding the 75.00 round figure should return to the chart. Though, there are multiple hurdles around 74.80–90.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 74.3235
Today Daily Change -0.0479
Today Daily Change % -0.06%
Today daily open 74.3714
 
Trends
Daily SMA20 74.3337
Daily SMA50 74.2593
Daily SMA100 74.0037
Daily SMA200 73.6257
 
Levels
Previous Daily High 74.4096
Previous Daily Low 74.1352
Previous Weekly High 74.5575
Previous Weekly Low 74.1002
Previous Monthly High 75.0155
Previous Monthly Low 74.2104
Daily Fibonacci 38.2% 74.3048
Daily Fibonacci 61.8% 74.24
Daily Pivot Point S1 74.2011
Daily Pivot Point S2 74.0309
Daily Pivot Point S3 73.9267
Daily Pivot Point R1 74.4756
Daily Pivot Point R2 74.5798
Daily Pivot Point R3 74.75

 

 

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