USD/INR Price News: Indian rupee remains sidelined above 74.00

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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	74.2365
Today Daily Change	0.0413
Today Daily Change %	0.06%
Today daily open	74.1952

Trends
Daily SMA20	73.4518
Daily SMA50	73.6297
Daily SMA100	73.3897
Daily SMA200	73.4928

Levels
Previous Daily High	74.3594
Previous Daily Low	74.1177
Previous Weekly High	74.5135
Previous Weekly Low	74.0585
Previous Monthly High	74.311
Previous Monthly Low	72.3386
Daily Fibonacci 38.2%	74.2671
Daily Fibonacci 61.8%	74.21
Daily Pivot Point S1	74.0888
Daily Pivot Point S2	73.9824
Daily Pivot Point S3	73.8471
Daily Pivot Point R1	74.3305
Daily Pivot Point R2	74.4658
Daily Pivot Point R3	74.5722

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.