USD/INR technical analysis: 100/200-day EMA confluence caps immediate upside


  • A confluence region around 69.82/85, comprising key EMAs, limits near-term USD/INR upside.
  • 10-week old horizontal support regains market attention during the pullback.

With the 100 and 200-day exponential moving averages (EMA) limiting the USD/INR pair’s immediate upside, the quote is taking the rounds to 69.25 during early Thursday.

Considering the pair’s failure to cross the key resistance confluence, its drop to re-test the 69.00 – 69.05 area can’t be denied.

However, additional weakness beneath 69.00 might not refrain from calling the March month low of 68.34 back to the chart.

On the upside break of 68.82/85 confluence region, the pair can initially rise to 50% Fibonacci retracement of February to March downside at 70.13 while targeting May month top surrounding 71.00 during further advances.

USD/INR daily chart

Trend: Bearish

    1. R3 70.3533 
    2. R2 70.0892 
    3. R1 69.6408 
  1. PP 69.3767
    1. S1  68.9283
    2. S2  68.6642
    3. S3  68.2158

 

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