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USD/INR grinds near the weekly top around 74.50 during early Tuesday. In doing so, the Indian rupee (INR) pair extends the previous day’s upside break of a descending trend line from October 12 to take rounds of the 20-DMA.
Given the steady RSI and a daily close beyond the previous resistance line, now support around 74.35, USD/INR buyers are likely to dominate going forward.
However, multiple levels marked during early November and October, respectively around 74.60 and 74.70, challenge the pair’s immediate upside.
It’s worth noting that a daily closing past-74.70 will propel the USD/INR prices towards breaking the 75.00 threshold to aim for the last month’s peak surrounding 75.65.
Meanwhile, the pair’s pullback moves remain elusive beyond 74.35, comprising the resistance-turned-support.
Also acting as the key support is the 61.8% Fibonacci retracement level of September-October upside and 200-DMA, near 73.95 and 73.90 in that order.
Trend: Further upside expected