USD/INR consolidates near multi-day tops above 71.00

USD/INR gathers pace for further upside, looks to 71.30.
Retreat in oil prices and trimmed USD sales rescue the rupee bulls.
All eyes on US Durable Good data after Friday’s upbeat US GDP revision.

Dhwani Mehta FXStreet

USD/INR has entered a phase of consolidation near nine-day highs of 71.257 reached last Friday, as the bulls take a breather ahead of the key US macro data release. At the time of writing, the spot trades +0.20% at 71.185, having hit daily highs of 71.243 last hour.

The rupee is offered some temporary reprieve from reduced dollar sales by the foreign banks and retreat in oil prices from multi-month highs. Further, the latest US-China trade optimism following US President Trump’s comments lifts the sentiment around the Asian currencies, in turn helping limit the INR declines.

Despite the stalled USD/INR upside, the spot remains underpinned by the recent surge in the US dollar to two-week highs vs. its main rivals, in light of solid US Q3 GDP revision that eased speculations of more Fed easing next year.

In the day ahead, the pair will get influenced by the Reserve Bank of India’s (RBI) special bond market operation and trade headlines ahead of the US Durable Good Orders data lined up for release at 1330 GMT.

USD/INR Technical levels to consider

USD/INR

Overview
Today last price	71.1805
Today Daily Change	0.1125
Today Daily Change %	0.16
Today daily open	71.058

Trends
Daily SMA20	71.2001
Daily SMA50	71.2419
Daily SMA100	71.2826
Daily SMA200	70.2933

Levels
Previous Daily High	71.435
Previous Daily Low	71.0055
Previous Weekly High	71.435
Previous Weekly Low	70.67
Previous Monthly High	72.37
Previous Monthly Low	70.4975
Daily Fibonacci 38.2%	71.1696
Daily Fibonacci 61.8%	71.2709
Daily Pivot Point S1	70.8973
Daily Pivot Point S2	70.7367
Daily Pivot Point S3	70.4678
Daily Pivot Point R1	71.3268
Daily Pivot Point R2	71.5957
Daily Pivot Point R3	71.7563

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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