USD/INR Price Analysis: Indian rupee vulnerable while above 74.40

  • USD/INR is about to end the week with modest gains.
  • Chart is biased to the upside, with dollar’s momentum fading.
  • Break under 74.40 to strengthen the Indian rupee.

The USD/INR is rising on Friday as it continues to rebound after approaching a critical support around 74.40/50. The mentioned area contains a horizon level, the 20-day simple moving average and a short-term uptrend line. The average is starting to flatten showing fading momentum for the US dollar.

A break under 74.40 would turn the short-term outlook to negative, leaving it vulnerable to more losses. The target is seen at 74.10. The area between 74.00 and 74.10 is a strong support band that should limit the decline initially, favoring a rebound.

On the upside, a close above 74.69 should clear the way for a new test of USD/INR to the 74.90 barrier. That area is a key resistance that protects 75.00. Above the next resistance level might be seen at 75.40 and 75.65 (April high).

USD/INR daily chart


Our Source

Please Like and Share:

Leave a Reply

Your email address will not be published.