USD/INR technical analysis: 2-week old support-line, 10-DMA cap immediate declines

  • USD/INR stays firm above near-term key supports.
  • 71.91/94 limits the upside attempts amid overbought RSI.

Having bounced off short-term support confluence, USD/INR takes the bids to 71.6685 before Thursday’s European session.

While a two-week-old support-line and 10-day simple moving average (DMA) limits the pair’s immediate declines, an area comprising early-year highs around 71.91/94 restricts the upside amid overbought conditions of 14-day relative strength index (RSI).

In a case prices rally beyond 71.94, bulls may wait for a sustained break beyond the current month high of 72.0051 to target December 2018 top at 72.82.

On the downside break of 71.35/36 support-confluence, the pair can drop to 71.08 comprising 61.8% Fibonacci retracement of December 2018 to July 2019 south-run.

Should there be further declines below 71.08, May month top surrounding 71.98 and 50% Fibonacci retracement level of 70.54 can come back on the chart.

USD/INR daily chart

 Trend: Pullback expected

    1. R3 72.209 
    2. R2 72.0145 
    3. R1 71.7307 
  1. PP 71.5362
    1. S1  71.2525
    2. S2  71.058
    3. S3  70.7743


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

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 


GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 


Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info