- USD / INR is about to end the week with modest gains.
- The chart is skewed to the upside and the dollar momentum is fading.
- A break below 74.40 could strengthen the Indian rupee.
The USD/INR it is climbing on Friday as it continues to rally after approaching 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 out, showing diminishing momentum for the US dollar.
A break below 74.40 would shift the short-term outlook to negative, leaving it vulnerable to further 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 retest of the USD / INR to the 74.90 barrier. That zone is a key resistance protecting 75.00. Above the next resistance level could be seen at 75.40 and 75.65 (April high).
Daily chart
Technical levels
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