USD/INR Price Analysis: Indian rupee looks to test 74.05

  • USD/INR extends slide and test again levels under 74.10.
  • Technical indicators favor a bearish bias, but the price is near strong support.

The Indian rupee is rising for the fourth consecutive day versus the US dollar on Thursday as it continues to drop toward 74.050. The pair bottomed at 74.085 and then rebounded. It is hovering around 74.115, still holding a bearish bias.

If USD/INR manages to hold firm under 74.100, the road to more losses will likely prevail. A recovery above the mentioned level could favor some consolidation after many sessions of moving south. Recoveries under 74.250 would be seen as corrective, posing no challenge to the bearish short-term perspective.

A recovery above 74.250 would alleviate the pressure and could lead to more gains. The next level to watch is the 20-day moving average at 74.445 and then the 74.600 area, a strong obstacle.

USD/INR daily chart

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