USD/INR Price News: Indian rupee stays positive below 75.00 on short-term H&S

USD/INR stays offered after confirming a bearish chart pattern.
100-SMA can offer intermediate halt during the drop towards 73.90.
Bearish MACD, downward sloping RSI favor sellers, bulls need to cross 75.10 for fresh entries.

Anil Panchal FXStreet

USD/INR holds lower ground near 74.80, down 0.05% intraday, amid an initial Indian session on Monday. The pair recently confirmed a bearish chart pattern, head-and-shoulders (H&S) on the four-hour play.

Not only the H&S confirmation but downbeat MACD and declining RSI line, not oversold, also back USD/INR sellers.

Although 72.30 comes out as the theoretical target of the H&S, 100-SMA near 74.57 and the mid-April low around 74.30 can test the USD/INR bears.

Meanwhile, a corrective pullback beyond the neckline figure of 75.05 should cross the shoulder 2, around 75.10, before recalling the USD/INR buyers.

Following that, 75.50 and the monthly top surrounding 75.56 will be the key levels to watch.

USD/INR four-hour chart

Trend: Further downside expected

Additional impotant levels

Overview
Today last price	74.828
Today Daily Change	-0.0403
Today Daily Change %	-0.05%
Today daily open	74.8683

Trends
Daily SMA20	74.3307
Daily SMA50	73.3856
Daily SMA100	73.317
Daily SMA200	73.6764

Levels
Previous Daily High	75.1349
Previous Daily Low	74.7705
Previous Weekly High	75.6321
Previous Weekly Low	74.54
Previous Monthly High	73.958
Previous Monthly Low	72.2569
Daily Fibonacci 38.2%	74.9097
Daily Fibonacci 61.8%	74.9957
Daily Pivot Point S1	74.7142
Daily Pivot Point S2	74.5602
Daily Pivot Point S3	74.3498
Daily Pivot Point R1	75.0786
Daily Pivot Point R2	75.289
Daily Pivot Point R3	75.443

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 looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.