USD/INR Price Analysis: Bulls take shelter below 50-hour SMA


  • USD/INR edges lower in the European session.
  • Double tops near 73.15 pose a challenge for bulls.
  • Receding Momentum oscillator warns caution on aggressive bids.

The USD/INR pair trades lower on Friday in the European session. The pair finds it difficult to sustain over the 73.00 mark.

At the time of writing, USD/INR trades at 72.95, down 0.08% for the day.

USD/INR four-hour chart

On the 4-hour chart, the USD/INR pair has been consolidating near the 23.6% Fibonacci retracement, which extends from the low of 72.35,  at 72.95. The formation of a double top near the 73.15 mark prompts some corrective price action in the pair.

If price breaks the session’s low at 72.91, then it could find its first support level at the 61.8% Fibonacci retracement at 72.65 followed by the May 31 low at 72.35.

The receding Moving Average Convergence Divergence (MACD) indicator signifies the imminent downside momentum in price. USD/INR bears would be encouraged to explore the levels last seen in March at 72.00.

Alternatively, if price moves higher, then USD bulls could revisit the tops of the above mentioned double top formation in the vicinity of the 73.15 area followed by the 73.40 horizontal resistance level.

Market participants would then gear up for the May 17 high at 73.71.
 

USD/INR additional levels

USD/INR

Overview
Today last price 72.9623
Today Daily Change -0.0488
Today Daily Change % -0.07
Today daily open 73.0113
 
Trends
Daily SMA20 72.9325
Daily SMA50 73.7384
Daily SMA100 73.284
Daily SMA200 73.4711
 
Levels
Previous Daily High 73.242
Previous Daily Low 72.952
Previous Weekly High 73.3172
Previous Weekly Low 72.358
Previous Monthly High 74.311
Previous Monthly Low 72.3386
Daily Fibonacci 38.2% 73.1312
Daily Fibonacci 61.8% 73.0628
Daily Pivot Point S1 72.8949
Daily Pivot Point S2 72.7784
Daily Pivot Point S3 72.6049
Daily Pivot Point R1 73.1849
Daily Pivot Point R2 73.3584
Daily Pivot Point R3 73.4749

 

 

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