USD/INR Price Analysis: Bears look to test 21-DMA support

• USD/INR remains in the red for the third straight day on Monday.
• The pair is stuck in tight range near 74.50, awaits fresh impetus.
• An impending bear cross could exacerbate the pain in the spot.

USD/INR is extending the retreat from three-month highs of 74.91 into a fresh trading week on Monday, falling for the third straight day.

In doing so, the pair is approaching the critical upward-pointing 21-Daily Moving Average (DMA) at 74.25.

The further downside remains exposed below the latter, as the price is about to confirm a bear cross on the daily sticks.

The 100-DMA is on the verge of crossing the 50-DMA to the upside, which would chart a bear cross.

USD/INR daily chart

However, the declines could remain limited, as the 14-day Relative Strength Index (RSI) still sits comfortably above the midline, currently at 58.88.

Only a decisive break above the 75 mark could negate the near-term bearish momentum.

Further up, the buyers would then target the April 23 high of $75.13.

USD/INR additional levels to watch