Home USD/INR technical analysis: 21-day SMA, 1-month-old falling trendline limit immediate rise
FXStreet News

USD/INR technical analysis: 21-day SMA, 1-month-old falling trendline limit immediate rise

  • The USD/INR pair’s bounce off 50% Fibonacci retracement struggles with 21-day SMA.
  • 23.6% Fibonacci retracement, four-week-old descending trend-line add to the resistance.
  • 100/200-day SMA confluence becomes the key support.

The USD/INR pair’s latest recovery struggles with the 21-day simple moving average (SMA) as the quote seesaws near 71.28 during the pre-European open session on Thursday.

Even if the pair manages to close beyond 21-day SMA level of 71.25, 23.6% Fibonacci retracement level of July-September upside, at 71.60, and a downward sloping trend-line since September 03 near 72.00 could challenge buyers.

Though, pair’s successful run-up past-72.00 might not refrain from aiming the previous-month top close to 72.65.

On the downside, 71.00 and 70.35 can entertain short-term sellers ahead of highlighting the 100-day and 200-day SMA confluence near 70.15/16.

Further, pair’s declines below 70.15 could take rest around 69.80 prior to targeting late-July tops around 69.35.

USD/INR daily chart

Trend: pullback expected

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.