- USD/INR is defending the 200-SMA support on the 4H chart.
- The 50 and 100-SMAs confluence at 74.57 continue to guard the upside.
- RSI ticks higher but remains below the midline, backing the bears.
After witnessing good two-way business on Monday, USD/INR is posting small gains in Tuesday’s Asian trading amid a mixed market sentiment.
The spot is hovering in the lower bound of the recent trading range blow mid-74s due to the recent decline in the US dollar across its main peers.
Looking at USD/INR’s four-hour chart, the cross has managed to defend the 200-Simple Moving Average (SMA) at 74.29 (for now).
With the Relative Strength Index (RSI) seeing an uptick, the price has bounced off lows. However, the leading indicator continues to hold within the bearish region, suggesting that the bearish bias remains well in place for the currency pair.
A four-hourly closing below the 200-SMA is needed to expose the 74.00 mark.
USD/INR: Four-hour chart
On the flip side, immediate resistance is placed at the mildly bearish 21-SMA at 74.43. Further up, the buyers could aim for the July 21 high of 74.66.
The bulls need a sustained break above 74.57, which is the confluence of the horizontal 50 and 100-SMAs, in order to sustain a meaningful recovery towards 0.7500.
USD/INR: Additional levels
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