USD/INR technical analysis: On a defensive around 10-DMA, 61.8% Fibo.
|- Failure to rise past-71.60 drags USD/INR downward.
- 10-DMA, 61.8% of Fibonacci retracement seem the key supports.
Despite being on the back foot, USD/INR remains supported by near-term key technical levels as it makes the rounds to 71.00 heading into European session open on Wednesday.
Among the immediate supports, 10-day simple moving average (DMA) level of 70.66 becomes the closest rest ahead of dragging the quote to 61.8% Fibonacci retracement level of February to July downpour, at 70.50.
Should prices slip below 70.50, 50% Fibonacci retracement and June month high can please sellers around 70.12/07.
On the upside, 71.60 holds the gate for the pair’s run-up towards 72.00 round-figure whereas December 2018 high around 72.80 could be next on bears’ watch.
USD/INR daily 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.