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.

Omkar Godbole FXStreet Contributor

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

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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