- 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
|Today last price||70.963|
|Today Daily Change||-0.1275|
|Today Daily Change %||-0.18%|
|Today daily open||71.0905|
|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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