USD/INR Price News: Indian rupee looks to test rising channel hurdle at 74.75
- USD/INR has more room to rise while within a rising channel on the 1D.
- Bullish RSI points to a test of the channel hurdle at 74.75.
- USD/INR’s path of least resistance appears to the upside.
USD/INR is posting small losses while defending the 74.50 level so far this Tuesday, consolidating Monday’s stellar rally to three-day highs of 74.60.
The spot snapped two straight down days and resumed its uptrend amid the relentless rise in oil prices, as investors failed to benefit from a retreat in the US dollar across its main peers.
Monday’s massive gains have pushed USD/INR closer towards the five-week-old rising channel upper boundary, which is now placed at 74.75.
Buying resurgence could see that level get confronted, a sustained break above which could confirm a channel breakout.
Bulls will then target the 75.00 round number, as the upside could be likely backed by the 14-day Relative Strength Index, which holds well above the midline.
USD/INR: Daily chart
On the flip side, the 74.50 demand area could limit any retracement from higher levels, below which a drop towards the horizontal 50-Daily Moving Average (DMA) at 73.93 cannot be ruled out.
Further south, the bears will then test the bullish commitments at strong support at 73.90, where the channel support, 21 and 100-DMA coincide.
USD/INR: Additional levels