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  • USD/INR failed to capitalize on the early uptick to two-week tops.
  • The set-up warrants some caution before placing any directional bets.

Following an early uptick to two-week tops, the USD/INR cross witnessed a modest intraday pullback and now seems to have stabilized near 100-day SMA.

Acceptance above the said region should inspire bullish traders and pave the way for an extension of the recent bounce from the very important 200-day SMA.

Meanwhile, oscillators on the daily chart have managed to maintain a mildly bullish bias, albeit seemed struggling to gain any meaningful positive momentum.

The near-term technical set-up warrants some caution before placing any aggressive bets and positioning for the pair’s next leg of a directional move.

Having said that, some follow-through buying might now lift the pair further towards the 72.00 round-figure mark ahead of the 72.20-30 supply zone.

On the flip side, pullbacks might continue to attract some dip-buying near the 71.00 level, below which the pair might slide back to the 70.65-60 region (200-DMA).

USD/INR daily chart