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
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
