USD/INR Price News: Indian rupee stalls its decline near 74.50, not out of the woods yet


  • USD/INR fails to find acceptance above the horizontal trendline resistance at 74.30.
  • Rending bottom confirmation on Wednesday targets 75.11.
  • RSI inches closer towards the overbought region, room to rise for the spot.

USD/INR is easing towards 74.00, having faced rejection just shy of the 74.50 barrier, in the wake of a minor pullback in the US dollar across the board.

Strong US jobless claims eased fears over the Fed’s hawkish surprise, weighing on the US Treasury yields alongside the dollar.

The US dollar jumped alongside the Treasury yields on Fed’s hawkishness, sending the cross to monthly highs of 73.83.

From a near-term technical perspective, the price rallied hard after the rounding bottom upside break, testing the static resistance (orange trendline) near 74.30 en route 74.50.

However, sellers continue to lurk above the 74.30 resistance, knocking off the rates lower. Therefore, acceptance above the latter could re-ignite the bullish momentum, opening doors towards the next horizontal trendline hurdle at 74.64.

Further up, the pattern target measured at 75.11 could be tested.

The Relative Strength Index (RSI) is holding firmer while closing in on the overbought territory, allowing room for more upside.  

USD/INR: Daily chart

However, if the selling pressure intensifies from the current levels around 74.22, a drop back towards the earlier resistance now support at 74.00 remains in the offing.

Sellers will then challenge the fierce support at 73.72, the confluence of the 50-Daily Moving Average (DMA) and horizontal trendline connecting previous tops.

USD/INR: Additional levels

USD/INR

Overview
Today last price 74.221
Today Daily Change -0.0168
Today Daily Change % -0.02
Today daily open 74.2438
 
Trends
Daily SMA20 73.03
Daily SMA50 73.7143
Daily SMA100 73.3139
Daily SMA200 73.4735
 
Levels
Previous Daily High 74.3504
Previous Daily Low 73.5838
Previous Weekly High 73.3146
Previous Weekly Low 72.7472
Previous Monthly High 74.311
Previous Monthly Low 72.3386
Daily Fibonacci 38.2% 74.0576
Daily Fibonacci 61.8% 73.8766
Daily Pivot Point S1 73.7683
Daily Pivot Point S2 73.2928
Daily Pivot Point S3 73.0017
Daily Pivot Point R1 74.5349
Daily Pivot Point R2 74.8259
Daily Pivot Point R3 75.3015

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD refreshes daily high above 1.1850 ahead of EU data

EUR/USD is trading above 1.1850, as it continues to notch higher on Thursday. Dovish Fed downs the US Treasury yields alongside the US dollar. Rebound in Chinese stocks lifts overall market mood, weighing further on the safe-haven dollar. Eurozone data and US GDP in focus.

EUR/USD News

GBP/USD renews monthly top above 1.3900 on softer USD, Brexit optimism

GBP/USD picks up bids to refresh multi-day high above 1.3900. US dollar tracks Treasury yields to the south amid Fed’s dovish tilt. EU softens legal threat over NI protocol on demand of UK’s Frost. UK scraps quarantine rules for fully vaccinated EU, US travelers.

GBP/USD News

Gold remains on track to test 200-DMA, US GDP awaited

In the aftermath of the Fed decision, gold price is extending its recent run higher, looking to recapture the critical 200-Daily Moving Average (DMA) at $1821. The market mood has improved amid a rebound in the Chinese stocks.

Gold News

SafeMoon Price Prediction: SAFEMOON contemplates 34% gains

SafeMoon price is experiencing a bottom formation as SAFEMOON approaches a crucial support level twice over the past week. If a bounce from this barrier evolves, it will indicate a double bottom reversal in play. SafeMoon price crashed 20% between July 19 and July 20 to $0.00000273.

Read more

US Q2 GDP Preview: Economy to continue to expand at strong pace

The US Bureau of Economic Analysis (BEA) will release on Thursday, July 29, its first estimate of the annualized Gross Domestic Product (GDP) growth for the second quarter. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures