- USD/INR stays mildly bid inside a weekly rectangle.
- Upbeat Momentum, sustained trading beyond 73.60 key support keeps buyers hopeful.
- Multiple levels from early April highlight 74.55-60 as strong resistance.
USD/INR eases to 74.23, up 0.06% intraday, amid the initial Indian trading hour on Monday. The Indian rupee (INR) pair has been stuck in a choppy range between 74.00 and 74.55-60 since last week.
However, the upbeat Momentum line and the pair’s successful trading above 50-day SMA, as well as a monthly support line, back USD/INR bulls aim to cross the 74.55-60 immediate hurdle, comprising 12-week-old horizontal line.
Following that, the 75.00 psychological magnet and 75.30 resistance could test the quote’s further upside ahead of directing the north-run towards the yearly top near 75.65.
On the contrary, a downside break of 74.00 will aim for the 73.60-55 support convergence, including the stated SMA and trend line.
Although USD/INR bears are likely to retreat from 73.55, any further weakness won’t hesitate to challenge the previous month’s low near 72.35. During the fall, the 73.00 threshold may offer an inter3ediate halt to watch.
USD/INR daily chart