Indian Rupee Price News and Forecast: USD/INR rebounds from key support near 71.40, will it last?

FXStreet Team FXStreet

USD/INR drops to three-week lows near 71.30 ahead of US data

The USD/INR pair extends its three-day losing streak in Europe, having witnessed a temporary bounce to near 71.50 in early trades. The spot hit fresh three-week lows of 71.27 and now recovers to 71.33, still down -0.20% on a daily basis.

The cross fails to benefit from broad-based US dollar strength led by rising expectations of a likely US-China trade deal, especially after US President Trump’s pro-trade deal comments. The US dollar index flirts with two-week highs of 98.40, up +0.13% so far. Read more...

USD/INR

Overview
Today last price	71.3705
Today Daily Change	-0.0770
Today Daily Change %	-0.11
Today daily open	71.4475

Trends
Daily SMA20	71.447
Daily SMA50	71.1946
Daily SMA100	70.8713
Daily SMA200	70.226

Levels
Previous Daily High	71.835
Previous Daily Low	71.447
Previous Weekly High	72.18
Previous Weekly Low	71.5715
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	71.5952
Daily Fibonacci 61.8%	71.6868
Daily Pivot Point S1	71.318
Daily Pivot Point S2	71.1885
Daily Pivot Point S3	70.93
Daily Pivot Point R1	71.706
Daily Pivot Point R2	71.9645
Daily Pivot Point R3	72.094

USD/INR rebounds from key support near 71.40, will it last?

The USD/INR pair reverses early loses, after having hit two-week lows at 71.405 in the opening trades. At the press time, the cross trades near 71.47 levels, almost unchanged on the day.

The pullback in the spot can be mainly attributed to the resurgent demand for the US dollar across the board, as the US Treasury yields are recovering on the back of increased expectations that a US-China trade deal will be soon clinched. The US dollar index is back on the bids and remains within a striking distance of the weekly tops of 98.38 reached on Monday. Read more...

USD/INR: Rupee likely to extend Tuesday's rally

Indian Rupee is likely to remain better bid on Wednesday, according to technical charts. The uptick in China's Yuan could also bode well for the Indian currency.

The USD/INR pair created a bearish Marubozu candle on Monday, which comprises of long body and little or no shadows. Put simply, it indicates the sellers remained in control from the opening bell to the close of the day and is considered very bearish.

The bearish cross of the 5- and 10-day moving averages also indicates the path of least resistance is to the downside. Read more...

Author

FXStreet Team

FXStreet

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