USD/INR nears the lowest in two weeks, trades below 23.6% Fibonacci retracement. Bearish MACD emphasizes 70.95/90 support confluence. A three-month-old horizontal line restricts near-term upside. Following its declines to the lowest in two weeks, USD/INR takes rounds to 71.44 amid Wednesday’s Asian session. The pair rests on 21-day Simple Moving Average (SMA), at 71.44 now, while also staying below 23.6% Fibonacci retracement of July-September upside, near 71.60. In addition to the pair’s declines below near-term key Fibonacci retracement, bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) keep the doors open for its further downside. As a result, the 70.95/90 confluence, including 100-day SMA, 38.2% Fibonacci retracement and an upward sloping trend line since July 11, will gain major market attention. Should prices dip below that support-joint, the monthly low near 70.50 will return to the chart. On the upside, pair’s sustained break above 71.60 could trigger its short-term recovery towards short-term falling resistance line, at 71.90 now. Though, pair’s run-up beyond 71.90 enables it to challenge 72.37/38 resistance area comprising highs marked in August and November month. USD/INR daily chart Trend: Bearish 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. View All Post By FX Street FXStreet News share Read Next USD/CNH technical analysis: Tuesday’s drop confirmed an end of corrective bounce FX Street 3 years USD/INR nears the lowest in two weeks, trades below 23.6% Fibonacci retracement. Bearish MACD emphasizes 70.95/90 support confluence. A three-month-old horizontal line restricts near-term upside. Following its declines to the lowest in two weeks, USD/INR takes rounds to 71.44 amid Wednesday's Asian session. The pair rests on 21-day Simple Moving Average (SMA), at 71.44 now, while also staying below 23.6% Fibonacci retracement of July-September upside, near 71.60. In addition to the pair's declines below near-term key Fibonacci retracement, bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) keep the doors open for its further downside. As a result, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
