USD/INR technical analysis: 100/200-bar SMA confluence restricts latest recovery
|- USD/INR stays around week’s high following its recovery from monthly bottom.
- Six-week-old falling trend line adds to the upside barriers.
Despite bouncing off monthly lows during the previous day, USD/INR is still trading below key near-term SMA confluence while taking rounds to 71.00 ahead of the European session on Wednesday.
The pair needs a sustained break above 71.06/10 to escalate recent pullback towards 71.50/55 area comprising 50% Fibonacci retracement of September month declines and a descending resistance line since September 17.
Additionally, 61.8% Fibonacci retracement of 71.80 and 72.00 could challenge buyers past-71.55.
On the flip side, 70.90 level including 23.6% Fibonacci retracement becomes an immediate support ahead of the monthly bottom around 70.70.
Its worth noting that September month low surrounding 70.35 and 70.00 could entertain bears ahead of pleasing them with 69.80 rest-point.
USD/INR 4-hour chart
Trend: pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.