USD/INR Price News: Indian rupee stalls its decline ahead of 74.75 key support

USD/INR consolidates before the next push higher towards 75.00.
The spot wavers inside a rising channel, awaiting a fresh impetus.
Bullish RSI, crossover point to a test of the channel hurdle at 74.75.

Dhwani Mehta FXStreet

USD/INR is clinging onto the recent trading range around the midpoint of 74.00, having finished Tuesday almost unchanged despite a renewed upside in oil prices.

However, the consolidation in the prices could be seen as the onset of a new uptrend in the currency pair, as the bulls brace for a rally to 75.00 and beyond.

USD/INR remains capped below the five-week-old rising channel upper boundary at 74.75, awaiting a buying resurgence in the session ahead.

A daily closing above that level is needed to unleash additional gains towards the 75.00 round number.

Further, buyers will target the April highs near 75.60 if the bulls fight back complete control.

The 14-day Relative Strength Index remains flatlined, sitting just beneath the overbought region, suggesting that there remains more room to the upside.

A bear cross, represented by the 21-Daily Moving Average (DMA) cutting through the 100-DMA from below, adds credence to a potential move higher.

USD/INR: Daily chart

On the flip side, immediate support is seen at Tuesday’s low of 74.42, below which a drop towards the horizontal 50-Daily Moving Average (DMA) at 73.93 cannot be ruled out.

At that point, the 21 and 100-DMAs coincide, making it a powerful demand area.

A breach of the last on a sustained break would validate a rising channel breakdown, opening floors towards the horizontal 200-DMA support at 73.61.

USD/INR: Additional levels

USD/INR

Overview
Today last price	74.5415
Today Daily Change	-0.0180
Today Daily Change %	-0.02
Today daily open	74.5595

Trends
Daily SMA20	73.8823
Daily SMA50	73.9377
Daily SMA100	73.8846
Daily SMA200	73.6086

Levels
Previous Daily High	74.645
Previous Daily Low	74.4207
Previous Weekly High	74.5742
Previous Weekly Low	73.6144
Previous Monthly High	74.5742
Previous Monthly Low	72.8965
Daily Fibonacci 38.2%	74.5064
Daily Fibonacci 61.8%	74.5593
Daily Pivot Point S1	74.4385
Daily Pivot Point S2	74.3174
Daily Pivot Point S3	74.2142
Daily Pivot Point R1	74.6628
Daily Pivot Point R2	74.766
Daily Pivot Point R3	74.8871

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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