USD/INR Technical Analysis: 100-day MA is again reversing the bounce

Omkar Godbole FXStreet Contributor

USD/INR is currently trading at 71.00, having failed to take out the 100-day moving average (MA) in the previous two days.

Daily chart

As seen above, the rally from Jan. 7 low of 69.185 ran out of steam at 100-day MA earlier this month and the repeated bull failure there was followed by a drop to 70.10 on Feb. 13.

The average is again proving a tough nut to crack. As noted earlier, the pair failed to close above the 100-day MA in the previous two days and is now feeling the pull of gravity.

The support at 70.50 could again come into play if the rejection at the 100-day MA fuels a break below the immediate support near 70.80.

A daily close above the 100-day MA is needed to strengthen the bull grip.

Trend: Bullish above 100-day MA

1. R3 72.134
2. R2 71.872
3. R1 71.4635
PP 71.2015
1. S1 70.793
2. S2 70.531
3. S3 70.1225

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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