USD/INR finds buyers ahead of 71.00, focus on US NFP

USD/INR pauses three-day losing streak.
The pair's bearish bias intact amid increased USD sales by foreign banks.
Focus on US jobs data and oil price dynamics for fresh moves.

Dhwani Mehta FXStreet

USD/INR extended its three-day bearish momentum and went on to hit three-week lows at 71.06 before recovering some ground to now trade near 71.20 region, almost unchanged on the day.

The spot came under heavy selling pressure in the opening hours after the foreign banks sold the US dollar heavily while broad-based US dollar consolidation also did little to stem the fall in the prices.

According to a dealer at a private bank, “Dollar flows related to QIP placement of a leading telecom operator, which were there yesterday, could continue today. This is keeping the pair well offered.”

Moreover, the Indian rupee tracked the bullish trend seen in its Asian peers, as US-Iran war risks receded and downed oil prices alongside. Weaker oil prices benefit India, as it is heavily dependent on oil imports to meet its domestic consumption. IEA: India's oil demand growth set to overtake China by mid-2020s

Over the last hours, the bears have taken a breather, as the focus now shifts towards the crucial US Non-Farm Payrolls data, due later on Friday at 1330 GMT, for fresh dollar trades.

USD/INR Technical levels to consider

USD/INR

Overview
Today last price	71.1825
Today Daily Change	-0.0155
Today Daily Change %	-0.02
Today daily open	71.198

Trends
Daily SMA20	71.2763
Daily SMA50	71.3506
Daily SMA100	71.3056
Daily SMA200	70.4665

Levels
Previous Daily High	71.655
Previous Daily Low	71.122
Previous Weekly High	72.0638
Previous Weekly Low	71.1005
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.3256
Daily Fibonacci 61.8%	71.4514
Daily Pivot Point S1	70.995
Daily Pivot Point S2	70.792
Daily Pivot Point S3	70.462
Daily Pivot Point R1	71.528
Daily Pivot Point R2	71.858
Daily Pivot Point R3	72.061

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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