USD/INR: Rupee stalls 4-day corrective slide near 70.70

Benefits from the Yuan rally, weaker US dollar amid renewed US-China trade optimism.
Will the bounce sustain amid the recent strength in oil prices?

Dhwani Mehta FXStreet

The USD/INR cross stalled its 4-day recovery mode from five-month troughs of 69.18, as the Rupee bulls are seen taking back charge amid the advance in its Asian peers.

The surge in the Chinese Yuan against the greenback amid re-emergence of US-China trade optimism lifted the sentiment around its Asian counterparts, helping stall the corrective downside in the Indian National Rupee (INR).

Meanwhile, the recent dovish comments by the Federal Reserve Officials combined with risks over the Fed rate hike pause weighed negatively on the US dollar and eventually collaborated to the renewed weakness seen around the spot.

However, it remains to be seen if the Rupee can sustain the tepid bounce, as oil prices are likely to trade higher amid risk-on market profile.

USD/INR Technical Levels

USD/INR

Overview:
    Today Last Price: 70.495
    Today Daily change: 3.8e+2 pips
    Today Daily change %: 0.0544%
    Today Daily Open: 70.4567
Trends:
    Previous Daily SMA20: 70.2451
    Previous Daily SMA50: 71.0321
    Previous Daily SMA100: 71.8466
    Previous Daily SMA200: 69.8513
Levels:
    Previous Daily High: 70.715
    Previous Daily Low: 70.305
    Previous Weekly High: 70.5255
    Previous Weekly Low: 69.435
    Previous Monthly High: 72.82
    Previous Monthly Low: 69.505
    Previous Daily Fibonacci 38.2%: 70.4616
    Previous Daily Fibonacci 61.8%: 70.5584
    Previous Daily Pivot Point S1: 70.2695
    Previous Daily Pivot Point S2: 70.0822
    Previous Daily Pivot Point S3: 69.8595
    Previous Daily Pivot Point R1: 70.6795
    Previous Daily Pivot Point R2: 70.9022
    Previous Daily Pivot Point R3: 71.0895

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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