USD/INR technical analysis: 50-day SMA, two-month-old trendline exert downside pressure
|- USD/INR stays inside a short-term symmetrical triangle.
- 70.35, 200-day SMA and 70.00 keep sellers in check.
Following its failure to remain strong around nine-day high, mainly due to 50-day SMA, USD/INR declines to 70.97 by the press time of early Friday.
Prices are not trading southwards to a five-week-old rising trend line, at 70.70. However, pair’s further downpour will be disturbed by multiple lows marked since early August around 70.35, 200-day Simple Moving Average (SMA) level of 70.20 and 70.00 round-figure.
In a case where sellers keep the reins below 70.00, late-June high nearing 69.80 and July month top close to 69.35 will become their favorites.
On the upside, pair’s rise beyond 50-day SMA level of 71.25 could trigger fresh run-up to two-month-old falling resistance line, at 71.46, a break of which could push buyers towards October month high near 71.80.
During the pair’s extended run-up beyond 71.80, 72.40 and September month high surrounding 72.65 will be the key to watch.
USD/INR daily chart
Trend: sideways
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.