USD/INR Price Analysis: Bulls await a sustained move beyond 71.30 strong hurdle

USD/INR gains some traction but struggles to extend the momentum beyond 71.30 resistance.
Any meaningful pullback might continue to attract dip-buying near the 70.60 region (200-DMA).

Haresh Menghani FXStreet

The USD/INR cross held on to its mildly positive tone through the mid-European session on Tuesday, albeit continued with its struggle to capitalize on the move further beyond the 71.30 horizontal resistance.

Given that the pair last week managed to defend the very important 200-day SMA, a sustained move beyond the mentioned hurdle might be seen as a key trigger for bulls and set the stage for additional gains.

Meanwhile, technical indicators on the daily chart haven't been supportive of any firm near-term direction and warrant some caution before placing any aggressive bets for the pair's next leg of a directional move.

Hence, it will be prudent to wait for some strong follow-through buying before traders start positioning for any further appreciating move back, possibly back towards reclaiming the 72.00 round-figure mark.

On the flip side, any meaningful pullback below the 71.00 handle might continue to attract some dip-buying near the 70.65-60 region, which if broken should pave the way for an extension of the recent slide.

Below the said support, the pair is likely to accelerate the fall towards December swing lows support near the 70.35-30 region before bears eventually aim towards challenging the key 70.00 psychological mark.

USD/INR daily chart

USD/INR

Overview
Today last price	71.1695
Today Daily Change	0.1470
Today Daily Change %	0.21
Today daily open	71.0225

Trends
Daily SMA20	71.2395
Daily SMA50	71.3344
Daily SMA100	71.2452
Daily SMA200	70.5239

Levels
Previous Daily High	71.295
Previous Daily Low	69.0705
Previous Weekly High	71.27
Previous Weekly Low	70.5875
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	69.9203
Daily Fibonacci 61.8%	70.4452
Daily Pivot Point S1	69.6303
Daily Pivot Point S2	68.2382
Daily Pivot Point S3	67.4058
Daily Pivot Point R1	71.8548
Daily Pivot Point R2	72.6872
Daily Pivot Point R3	74.0793

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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