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USD/INR Price News: Indian rupee slips below 50-day SMA near 74.35

  • USD/INR looks to extend losses in the Asian trading session.
  • Bulls face stiff resistance near the 74.50 critical resistance area.
  • Momentum oscillator remains neutral indicates the wait-and-watch approach.

USD/INR edges lower in the Asian trading hours as the fresh week begins. The pair opened higher but failed to preserve the momentum.

At the time of writing, USD/INR is trading at 74.25, down 0.07% for the day.

USD/INR daily chart

On the daily chart, after making a high at 75.01 on July 19, the pair has been under constant selling pressure.

Bears become dominant as price slips below the 50-day Simple Moving Average (SMA) at 74.35. The first downside target appears to be at a 74.15 horizontal support level.

Further, a daily close below the 74.00 key trading level, would allow USD/INR bears to testify 73.75 horizontal support level followed by the low made on June 16 at 73.25.

Alternatively, the Moving Average Convergence Divergence (MACD) indicator trades near the midline with a neutral stance. Any uptick in the MACD would make the meeting of the previous day’s high at 74.47 horizontal resistance level a possibility.

In doing so, next the bulls would attempt to recapture the 74.75 horizontal resistance and move toward the high of July 20 at 75.00.

USD/INR additional levels

USD/INR

Overview
Today last price74.25
Today Daily Change-0.0468
Today Daily Change %-0.06
Today daily open74.3017
 
Trends
Daily SMA2074.3113
Daily SMA5074.3347
Daily SMA10074.0351
Daily SMA20073.6221
 
Levels
Previous Daily High74.4766
Previous Daily Low74.2937
Previous Weekly High74.4766
Previous Weekly Low74.0954
Previous Monthly High75.0155
Previous Monthly Low74.2104
Daily Fibonacci 38.2%74.3635
Daily Fibonacci 61.8%74.4067
Daily Pivot Point S174.2381
Daily Pivot Point S274.1745
Daily Pivot Point S374.0552
Daily Pivot Point R174.4209
Daily Pivot Point R274.5402
Daily Pivot Point R374.6038

Author

Rekha Chauhan

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

More from Rekha Chauhan
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