- USD/INR continues with its late May month rally and remains on track to gain above 74.50.
- Bulls face stiff resistance near the 74.50 key psychological mark.
- Momentum oscillations tilt in the favor of upside momentum.
USD/INR accumulates minor gains on Thursday in the Asian session. The pair moves in a 10 pips trading band with an upside bias.
At the time of writing, USD/INR is trading at 74.35, up 0.06% for the day.
USD/INR daily chart
-637607102816230386.png)
On the daily chart, the pair has been consolidating in the 74.10-74.50 trading band for the previous two weeks.
A daily close above 74.50, the key psychological mark would strengthen the upward price action further. USD/INR bulls will march toward the 73.50 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades consistently above the midline, which indicates a continuation of the prevailing trend in the pair.
In doing so, the bulls would attempt to rupture June 26 high at 75.26 followed by the 75.25 horizontal resistance level.
Alternatively, if price failed to break 74.50, it could move back to the lower trading range at 74.10.
A sustained move below the 23.6% Fibonacci retracement, which extends from the low of 72.33 at 74.00 will open the gates for further downside movement.
Market participants would then aim for the 73.75 horizontal support level followed by the 50% Fibonacci retracement at 73.40.
USD/INR additional level
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD softens below 1.0950 as Fed rate decision looms
The EUR/USD pair weakens to near 1.0935 during the Asian trading hours on Wednesday, pressured by a modest recovery in the US Dollar. Traders prefer to wait on the sidelines ahead of the US Federal Reserve interest rate decision on Wednesday.
Gold renews all-time highs ahead of the Fed verdict
Gold price is picking up fresh bids to hit a new record high near $3,040 early Wednesday. Gold buyers regain poise amid looming geopolitical risks while bracing for the all-important US Federal Reserve monetary policy announcements.
USD/JPY grinds higher above 149.50, BoJ Ueda's presser eyed
USD/JPY is on a steady rise, back above 149.50 in the Asian session on Wednesday. The Bank of Japan left the policy rate unchanged at 0.50% at its March meeting, weighing slightly on the Japanese Yen (JPY). The focus shifts to Governor Ueda's press conference for fresh cues on future rate hikes.
XRP battles key trendline support as long-term holders continue holding onto large profits
XRP futures open interest has remained largely flat since the market crash in early February. The remittance-based token has shed 33% of its OI between February 1 and March 18, per Coinglass data.
Tariff wars are stories that usually end badly
In a 1933 article on national self-sufficiency1, British economist John Maynard Keynes advised “those who seek to disembarrass a country from its entanglements” to be “very slow and wary” and illustrated his point with the following image: “It should not be a matter of tearing up roots but of slowly training a plant to grow in a different direction”.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.