USD/INR technical analysis: 23.6% Fibo, three-week-old rising trendline limit downside


  • USD/INR drops to one week low, nears short-term key support confluence.
  • The immediate falling trend line, 61.8% Fibonacci retracement challenge buyers.

While extending its pullback from 61.8% Fibonacci retracement of September month declines, USD/INR revisits one week low as it traders around 71.00 ahead of Monday’s European session.

The pair nears 70.91/90 support confluence including 23.6% Fibonacci retracement and three-week-old rising trend line. Also doubting the pair’s further weakness is downbeat conditions of 14-bar Relative Strength Index (RSI).

As a result, pair’s bounce off immediate falling trend-line, at 71.40, can’t be denied, a break of which could further escalate recovery towards 61.8% Fibonacci retracement level of 71.77.

Should prices manage to remain strong above 71.77, 72.33 and September month high around 72.63 will lure the bulls.

On the downside, pair’s extended south-run past-70.90 can take rest around 70.70 and 70.63 ahead of retesting September month low of 70.37.

USD/INR 4-hour chart

Trend: pullback expected

additional important levels

Overview
Today last price 70.963
Today Daily Change -0.1275
Today Daily Change % -0.18%
Today daily open 71.0905
 
Trends
Daily SMA20 71.0529
Daily SMA50 71.3595
Daily SMA100 70.3131
Daily SMA200 70.2089
 
Levels
Previous Daily High 71.4325
Previous Daily Low 71.001
Previous Weekly High 71.79
Previous Weekly Low 70.7425
Previous Monthly High 72.6325
Previous Monthly Low 70.3685
Daily Fibonacci 38.2% 71.1658
Daily Fibonacci 61.8% 71.2677
Daily Pivot Point S1 70.9168
Daily Pivot Point S2 70.7432
Daily Pivot Point S3 70.4853
Daily Pivot Point R1 71.3483
Daily Pivot Point R2 71.6062
Daily Pivot Point R3 71.7798

 

 

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