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.

Rekha Chauhan Independent Analyst

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 price	74.25
Today Daily Change	-0.0468
Today Daily Change %	-0.06
Today daily open	74.3017

Trends
Daily SMA20	74.3113
Daily SMA50	74.3347
Daily SMA100	74.0351
Daily SMA200	73.6221

Levels
Previous Daily High	74.4766
Previous Daily Low	74.2937
Previous Weekly High	74.4766
Previous Weekly Low	74.0954
Previous Monthly High	75.0155
Previous Monthly Low	74.2104
Daily Fibonacci 38.2%	74.3635
Daily Fibonacci 61.8%	74.4067
Daily Pivot Point S1	74.2381
Daily Pivot Point S2	74.1745
Daily Pivot Point S3	74.0552
Daily Pivot Point R1	74.4209
Daily Pivot Point R2	74.5402
Daily Pivot Point R3	74.6038

Author

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.

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