USD/INR Price Analysis: Upside capped by descending 5-week SMA


  • USD/INR's bounce lacks momentum to pierce key SMA hurdle. 
  • The weekly chart suggests scope for a deeper drop to a multi-year rising trendline. 

USD/INR is again having a tough time scaling the descending 5-week simple moving average (SMA) hurdle. 

The pair jumped by 0.29% on Tuesday but failed to keep gains above the 5-week SMA at 73.677. The average also capped the upside last week. 

Another failure to beat the bearish MA line would reinforce the negative outlook put forward by the bearish marubozu candle created in the third week of August and shift risk in favor of a drop to the ascending trendline rising from January 2018 lows. 

At press time, the rising trendline support is located at 72.34. The below-50 reading on the 14-week relative strength supports the bearish case. 

A convincing move above the descending 10-week SMA, currently at 74.27, is needed to invalidate the negative outlook. 

Weekly chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price 73.585
Today Daily Change -0.0104
Today Daily Change % -0.01
Today daily open 73.5954
 
Trends
Daily SMA20 73.7762
Daily SMA50 74.4553
Daily SMA100 75.0308
Daily SMA200 74.0233
 
Levels
Previous Daily High 73.7091
Previous Daily Low 73.3338
Previous Weekly High 73.9592
Previous Weekly Low 73.0134
Previous Monthly High 75.2959
Previous Monthly Low 73.058
Daily Fibonacci 38.2% 73.5657
Daily Fibonacci 61.8% 73.4771
Daily Pivot Point S1 73.383
Daily Pivot Point S2 73.1707
Daily Pivot Point S3 73.0077
Daily Pivot Point R1 73.7584
Daily Pivot Point R2 73.9214
Daily Pivot Point R3 74.1337

 

 

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