- USD/INR is about to end the week with modest gains.
- Chart is biased to the upside, with dollar’s momentum fading.
- Break under 74.40 to strengthen the Indian rupee.
The USD/INR is rising on Friday as it continues to rebound after approaching a critical support around 74.40/50. The mentioned area contains a horizon level, the 20-day simple moving average and a short-term uptrend line. The average is starting to flatten showing fading momentum for the US dollar.
A break under 74.40 would turn the short-term outlook to negative, leaving it vulnerable to more losses. The target is seen at 74.10. The area between 74.00 and 74.10 is a strong support band that should limit the decline initially, favoring a rebound.
On the upside, a close above 74.69 should clear the way for a new test of USD/INR to the 74.90 barrier. That area is a key resistance that protects 75.00. Above the next resistance level might be seen at 75.40 and 75.65 (April high).
USD/INR daily chart
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