USD/INR Price News: Indian rupee looks for more upside towards 74.00
- USD/INR is holding onto this key ascending trendline on the 4H chart.
- Upside remains capped below 74.57, 50 and 100-SMA confluence.
- RSI stays bearish, keeping the cross vulnerable.
USD/INR is defending minor bids just below the 74.50 barrier amid a dour market mood, as the meltdown in the Chinese stocks, covid worries and pre-FOMC caution weigh on the investors’ sentiment.
Despite the risk-off mood, the US dollar fails to take advantage of its safe-haven status, as a retreat in the Treasury yields drags the greenback southward.
From a near-term technical perspective, the cross is teasing a downside breakout from the ascending trendline support on the four-hour chart.
A four-hourly closing below the trendline support at 74.45 will open up downside towards the upward-sloping 200-Simple Moving Average (SMA) at 74.26.
Further south, the 74.00 psychological level would draw the sellers’ attention.
The Relative Strength Index (RSI) is inching lower below the midline, keeping the sellers hopeful.
USD/INR: Four-hour chart
On the upside, the bulls need to crack this key resistance at 74.57, which is the confluence of the horizontal 50 and 100-SMAs, in order to sustain a meaningful recovery towards 0.7500.
Ahead of that hurdle, the price will seek validation above the July 21 high of 74.66.
USD/INR: Additional levels