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


Today last price 73.585
Today Daily Change -0.0104
Today Daily Change % -0.01
Today daily open 73.5954
Daily SMA20 73.7762
Daily SMA50 74.4553
Daily SMA100 75.0308
Daily SMA200 74.0233
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD holds gains above 1.1850 amid tepid market mood

EUR/USD is trading above 1.1850, holding onto recent gains The uptrend, however, at risk as coronavirus cases rise across the Eurozone. New lockdown restrictions may force the ECB to adopt a stronger dovish stance. Focus shifts to Powell's speech, EZ Preliminary PMIs. 


GBP/USD hovers around 1.2950 amid likely virus curbs

GBP/USD stays well bid near  mid-1.2900s following three successive failures to cross 1.3000 during last week. UK’s health authorities mull lockdown restrictions. Chancellor Sunak may extend business support loans. Fedspeak eyed amid a light calendar. 


USD/JPY drops to over six-month lows, fast approaching 104.00 mark

USD/JPY witnessed some follow-through selling for the sixth consecutive session on Monday. The USD was being pressured by fading hopes of another round of the fiscal stimulus measures. Resurgent COVID-19 cases benefitted the safe-haven JPY and contributed to the offered tone.


Gold jumps back on the bids above $1950 amid risk-aversion

Gold is back on the bids above $1950 amid growing coronavirus fears induced risk aversion. Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. 

Gold News

WTI buyers attack $41.00 amid US-Iran tension, escalating virus woes

WTI remains heavy below 50-day SMA, drops from $41.18 to begin the week. The energy benchmark keeps trailing 50-day SMA for over two weeks while taking clues from the US-Iran tussle and the coronavirus (COVID-19) headlines. Hopes of further stimulus, China’s optimism favor energy bulls.

Oil News