- 1-week-long support-line can please short-term USD/INR sellers.
- A downward sloping trend-line since mid-May also challenges the pair’s upside.
Having reversed from the short-term resistance-line, USD/INR aims to visit adjacent trend-line support as it trades near 68.79 heading into the European open on Thursday.
The one-week-old trend-line support, at 68.64, seems the closest rest, a break of which can drag the quote further down towards 68.40 and then to latest lows surrounding 68.25.
On the contrary, pair’s run-up beyond 4-week old resistance-line, at 69.04, can please buyers with 38.2% Fibonacci retracement of mid-May to early-month downpour at 69.30.
However, a bit broader trend-line from mid-May at 69.40, could hinder the pair’s following upside.
USD/INR 4-hour chart
Trend: Bearish
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