• USD/INR rises for the second straight day despite falling oil prices.
  • US dollar’s gains boost the spot but impending bear cross warrants caution.
  • RSI remains below the mid-line, keeping the upside limited.            

USD/INR is building onto Friday’s recovery, as it heads towards 74.50 amid the recent strength in the US dollar across the board.

The covid resurgence in Europe bolstered the dollar’s safe-haven appeal while expectations of hastened Fed’s tapering lifted the Treasury yields, adding further to the greenback’s upside.

The Indian rupee bulls remain unimpressed by the recent correction in oil prices, which helps ease the Balance of Payments (BoP) worries for India.

Technically, USD/INR seems to have found acceptance above the 100-Daily Moving Average (DMA) at 74.30, extending its recovery from weekly lows of 74.02.

However, the bulls remain cautious, as the 14-day Relative Strength Index (RSI) sits beneath the mid-line, keeping the downside risks exposed.

Additionally, a looming bear cross, with the 21-DMA looking to pierce the 50-DMA from above, could likely limit the pair’s bullish potential.

On the upside, immediate resistance is seen around 74.50, the meeting point of the 21 and 50-DMAs.

USD/INR: Daily chart

Meanwhile, any pullback could see a retest of the 100-DMA, the previous resistance now turned support. Further down, Friday’s low will be on the sellers’ radars.

If that level gives way, then a drop towards the mildly bullish 200-DMA at 73.89 could be in the offing.

USD/INR: Additional levels

USD/INR

Overview
Today last price 74.3883
Today Daily Change 0.0525
Today Daily Change % 0.07
Today daily open 74.3358
 
Trends
Daily SMA20 74.5054
Daily SMA50 74.4552
Daily SMA100 74.3061
Daily SMA200 73.8882
 
Levels
Previous Daily High 74.4809
Previous Daily Low 74.149
Previous Weekly High 74.5235
Previous Weekly Low 74.023
Previous Monthly High 75.651
Previous Monthly Low 74.0821
Daily Fibonacci 38.2% 74.3541
Daily Fibonacci 61.8% 74.2758
Daily Pivot Point S1 74.1629
Daily Pivot Point S2 73.9899
Daily Pivot Point S3 73.8309
Daily Pivot Point R1 74.4948
Daily Pivot Point R2 74.6538
Daily Pivot Point R3 74.8268

 

 

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