- USD/INR stays mildly bid inside a weekly rectangle.
- Upbeat Momentum, sustained trading beyond 73.60 key support keeps buyers hopeful.
- Multiple levels from early April highlight 74.55-60 as strong resistance.
USD/INR eases to 74.23, up 0.06% intraday, amid the initial Indian trading hour on Monday. The Indian rupee (INR) pair has been stuck in a choppy range between 74.00 and 74.55-60 since last week.
However, the upbeat Momentum line and the pair’s successful trading above 50-day SMA, as well as a monthly support line, back USD/INR bulls aim to cross the 74.55-60 immediate hurdle, comprising 12-week-old horizontal line.
Following that, the 75.00 psychological magnet and 75.30 resistance could test the quote’s further upside ahead of directing the north-run towards the yearly top near 75.65.
On the contrary, a downside break of 74.00 will aim for the 73.60-55 support convergence, including the stated SMA and trend line.
Although USD/INR bears are likely to retreat from 73.55, any further weakness won’t hesitate to challenge the previous month’s low near 72.35. During the fall, the 73.00 threshold may offer an inter3ediate halt to watch.
USD/INR daily chart
Trend: Sideways
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.
Recommended content
Editors’ Picks
EUR/USD sticks to lows near 1.0550 as US Dollar holds firmer
EUR/USD stays in a bearish consolidation phase and oscillates in a narrow range near six-month lows at around 1.0550 on Wednesday. The US Dollar clings to the recent gains ahead of August Durable Goods Orders data, not allowing the pair to stage a rebound.
GBP/USD trades at fresh multi-month lows near 1.2150
GBP/USD remains under bearish pressure and trades near the multi-month low it set slightly below 1.2150 mid-week. The persistent US Dollar (USD) strength despite a modest improvement seen in risk mood limits the pair's rebound ahead of US data releases.
Gold struggles to gain traction, stays below $1,900
Gold price finds it difficult to stage a rebound after dropping to a monthly low below $1,900 on Wednesday. The benchmark 10-year US Treasury bond yield holds steady near the multi-year high it set above 4.5%, making it difficult for XAU/USD to shake off the bearish pressure.
This short-term Bitcoin holder indicator forecasts another rally for BTC
Bitcoin price has been malleable to the short-term holder movements. A large spike in profits for short-term holders is almost always met by a correction in BTC.
US government shutdowns and US Dollar implications
A potential US government shutdown that could start October 1st looms, the chances of which are more or less seen as a coin flip at this point. Should a shutdown transpire, there could be a negative impact of the US Dollar.