USD/INR picks up the bids around 74.84 during the initial Indian session on Thursday. The pair formed a bearish candlestick, spinning top, the previous day. However, the latest pullback from the monthly support line seems to question the further downside.
Even so, a 21-day SMA level of 74.88 restricts the pair’s nearby upside, which in turn holds the gate for the pair’s rise towards 75.00 and July 14 high of 75.51.
It should, however, be noted that the pair needs to close past-75.10 to confirm the negligence of the previous day’s candlestick formation.
On the downside, 74.60 and lows marked on July 06 and 21 around 74.45 become the strong support to watch.
If the bears dominate below 74.45, March 27 bottom of 74.15 and 74.00 round-figure will pop-up on their radar.
USD/INR daily chart
Trend: Pullback expected
ADDITIONAL IMPORTANT LEVELS
| OVERVIEW | |
|---|---|
| Today last price | 74.795 |
| Today Daily Change | -0.1532 |
| Today Daily Change % | -0.20% |
| Today daily open | 74.9482 |
| TRENDS | |
|---|---|
| Daily SMA20 | 74.9002 |
| Daily SMA50 | 75.3892 |
| Daily SMA100 | 75.5545 |
| Daily SMA200 | 73.5358 |
| LEVELS | |
|---|---|
| Previous Daily High | 74.9494 |
| Previous Daily Low | 74.743 |
| Previous Weekly High | 75.0026 |
| Previous Weekly Low | 74.5052 |
| Previous Monthly High | 76.5076 |
| Previous Monthly Low | 74.9786 |
| Daily Fibonacci 38.2% | 74.8705 |
| Daily Fibonacci 61.8% | 74.8218 |
| Daily Pivot Point S1 | 74.811 |
| Daily Pivot Point S2 | 74.6738 |
| Daily Pivot Point S3 | 74.6046 |
| Daily Pivot Point R1 | 75.0173 |
| Daily Pivot Point R2 | 75.0865 |
| Daily Pivot Point R3 | 75.2237 |
Reprinted from fxstreet , the copyrights all reserved by the original author.
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