USD/INR Price Analysis: 10-day SMA restricts immediate downside

USD/INR witnesses pullback moves amid the latest US dollar weakness.
September 2019 high could please the bears, an ascending trend line from August 2013 could lure the bulls.
Overbought RSI favors the long liquidation.

Anil Panchal FXStreet

With the USD/INR traders jostling amid broad US dollar weakness and sustained trading beyond 10-day SMA, the quote marks no major change to 74.13 during the initial Indian session on Thursday.

Looking at the overbought conditions of RSI, the USD/INR prices are likely to witness a pullback towards September 2019 top near 72.63.

However, a daily close beyond a 10-day SMA level of 73.56 as well as sustained trading below 73.00 becomes pre-requisite for the same.

On the upside, buyers will wait for a clear break of 74.50 to aim for the latest multi-year high near 75.20.

In a case where the bulls dominate beyond 75.20, an ascending trend line connecting highs marked during August 2013 and October 2018, around 76.90 can grab the market’s attention.

USD/INR daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	74.135
Today Daily Change	0.0100
Today Daily Change %	0.01%
Today daily open	74.125

Trends
Daily SMA20	72.4995
Daily SMA50	71.7645
Daily SMA100	71.517
Daily SMA200	70.9382

Levels
Previous Daily High	74.5865
Previous Daily Low	73.4495
Previous Weekly High	74.49
Previous Weekly Low	71.9975
Previous Monthly High	72.84
Previous Monthly Low	71.077
Daily Fibonacci 38.2%	74.1522
Daily Fibonacci 61.8%	73.8838
Daily Pivot Point S1	73.5208
Daily Pivot Point S2	72.9167
Daily Pivot Point S3	72.3838
Daily Pivot Point R1	74.6578
Daily Pivot Point R2	75.1907
Daily Pivot Point R3	75.7948

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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