USD/INR is continuing its late-May surge and is on course to break beyond 74.50.
Bulls meet severe opposition near the psychological level of 74.50.
The upside momentum is favored by momentum oscillations.
In the Asian session on Thursday, the US dollar gained a few points against the Indian rupee. With an upside bias, the pair swings in a 10-pip trading band.
The USD/INR currency pair is currently trading at 74.35, up 0.06 percent on the day.
For the past two weeks, the pair has been consolidating in the 74.10-74.50 trading range on the daily chart.
A daily close over 74.50, a crucial psychological level, would bolster the rising trend even more. Bulls in the USD/INR will go for the 73.50 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator is continuously above the midline, indicating that the pair’s current trend will continue.
The bulls would seek to break through the June 26 high of 75.26, followed by the horizontal resistance level of 75.25.
If price fails to break through 74.50, it may return to the lower trading area at 74.10.
A persistent decline below the 23.6 percent Fibonacci retracement, which runs from the low of 72.33 to the high of 74.00, will pave the way for more downward movement.
The 73.75 horizontal support level, followed by the 50 percent Fibonacci retracement at 73.40, would be the next targets for market participants./n
