USD/INR charts three-day losing streak, nears 50-day MA support

USD/INR is operating on slippery grounds, as indicated by the three-day losing streak.
The upside in Rupee looks limited, courtesy of the SIno-US political tensions and the upbeat US data.

Omkar Godbole FXStreet Contributor

USD/INR fell 0.31% on Wednesday, confirming a three-day losing streak, the longest since Oct. 23.

The Rupee extended Tuesday's rally amid trade optimism and weakness in crude oil – Brent's front-month contract fell more than 1.6% to $62.48 per barrel.

The Indian unit may rise further on Thursday, according to technical studies: USD/INR's daily chart shows consecutive bearish Marubozu candles, descending 5- and 10-day moving averages and a below-50 reading on the relative strength index.

The losses, however, could be restricted near the 50-day moving average support at 71.17, as analysts are worried that another rate cut by the Reserve Bank of India may not have any positive impact on the economy. The central bank's rate decision is due on Dec. 5.

In fact, a strong bounce from the 50-day moving average cannot be ruled out, as renewed political tensions between the US and China have boosted demand for the haven assets. President Trump on Wednesday signed the Hong Kong Democracy bill, triggering fears of a fall out on the trade front.

The anti-risk Japanese Yen picked up a bid in Asia and the futures on the S&P 500 dropped by more than 0.20%. Indian equities, therefore, may come under pressure, weakening the bid tone around INR.

Further, the greenback may find love due to the upbeat domestic data. The US gross domestic product (GDP) increased by 2.1% in the third quarter, driven by strong consumer spending, the official data released on Wednesday showed.

Technical levels

USD/INR

Overview
Today last price	71.295
Today Daily Change	0.0570
Today Daily Change %	0.08
Today daily open	71.238

Trends
Daily SMA20	71.4665
Daily SMA50	71.195
Daily SMA100	70.9003
Daily SMA200	70.2269

Levels
Previous Daily High	71.59
Previous Daily Low	71.2255
Previous Weekly High	72.18
Previous Weekly Low	71.5715
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	71.3647
Daily Fibonacci 61.8%	71.4508
Daily Pivot Point S1	71.1124
Daily Pivot Point S2	70.9867
Daily Pivot Point S3	70.7479
Daily Pivot Point R1	71.4769
Daily Pivot Point R2	71.7157
Daily Pivot Point R3	71.8414

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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