USD/INR technical analysis: 100/200-bar SMA confluence restricts latest recovery


  • USD/INR stays around week’s high following its recovery from monthly bottom.
  • Six-week-old falling trend line adds to the upside barriers.

Despite bouncing off monthly lows during the previous day, USD/INR is still trading below key near-term SMA confluence while taking rounds to 71.00 ahead of the European session on Wednesday.

The pair needs a sustained break above 71.06/10 to escalate recent pullback towards 71.50/55 area comprising 50% Fibonacci retracement of September month declines and a descending resistance line since September 17.

Additionally, 61.8% Fibonacci retracement of 71.80 and 72.00 could challenge buyers past-71.55.

On the flip side, 70.90 level including 23.6% Fibonacci retracement becomes an immediate support ahead of the monthly bottom around 70.70.

Its worth noting that September month low surrounding 70.35 and 70.00 could entertain bears ahead of pleasing them with 69.80 rest-point.

USD/INR 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price 70.9893
Today Daily Change 0.0948
Today Daily Change % 0.13%
Today daily open 70.8945
 
Trends
Daily SMA20 71.0406
Daily SMA50 71.2896
Daily SMA100 70.4202
Daily SMA200 70.2003
 
Levels
Previous Daily High 70.9155
Previous Daily Low 70.68
Previous Weekly High 71.376
Previous Weekly Low 70.7052
Previous Monthly High 72.6325
Previous Monthly Low 70.3685
Daily Fibonacci 38.2% 70.8255
Daily Fibonacci 61.8% 70.77
Daily Pivot Point S1 70.7445
Daily Pivot Point S2 70.5945
Daily Pivot Point S3 70.509
Daily Pivot Point R1 70.98
Daily Pivot Point R2 71.0655
Daily Pivot Point R3 71.2155

 

 

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