USD/INR Price News: Indian rupee challenges bulls’ commitments near 74.85 ahead of RBI, NFP
- USD/INR confirms a rising channel breakout on the 1D chart.
- Strong resistance appears at 74.86 capping the pair’s upside attempts.
- RSI probes overbought region, warrants caution for bulls, with eyes on RBI, NFP.
USD/INR is clinging onto the critical daily support line at 74.86, with buyers awaiting a strong impetus to take on the upside.
The risk-on market mood amid easing energy and US debt concerns is boding ill for the American dollar, limiting the gains in the spot.
Investors also turn cautious and refrain from placing any directional bets ahead of the Reserve Bank of India (RBI) monetary policy decision and the crucial US NFP report.
At the press time, USD/INR is posting mild gains to trade at 74.87.
On the daily time frame, USD/INR finally delivered a daily closing above the five-week-old rising channel upper boundary, then at 74.82, opening doors for a fresh advance towards 75.00
The April highs near 75.60 will be back on the buyers’ radars.
The 14-day Relative Strength Index peeps into the overbought region, warranting caution for the bullish traders.
However, the bull cross, represented by the 21-Daily Moving Average (DMA) cutting through the 100-DMA as well as the 50-DMA from below, keeps the buying interest intact around USD/INR.
USD/INR: Daily chart
USD/INR: Additional levels