USD/INR technical analysis: 4H 100MA, 23.6% Fibo. limit immediate upside

The USD/INR pair’s recovery from 68.25 falls short of clearing near-term key resistances, indicating momentum weakness.
9-week old descending trend-line can question buyers past-68.91.

Anil Panchal FXStreet

Unless breaking 100-bar moving average on the 4-hour chart (4H 100MA) and 23.6% Fibonacci retracement of May-July downpour, USD/INR pullback remains less significant as it trades near 68.77 heading into the European open on Wednesday.

Even if the pair manage to clear 68.80 and 68.91 levels, carrying aforementioned indicators, a 9-week old descending resistance-line stretched since mid-May around 69.40 could challenge buyers.

Though, pair’s rise past-69.40 enables it to aim for 70.00 psychological magnet.

On the flip side, 68.45 can act as close support before the latest low surrounding 68.25 regains market attention.

Also, pair’s sustained declines below 68.25 open the gate for fresh south-run to late-June 2018 bottom at 67.6850.

USD/INR 4-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	68.7855
Today Daily Change	0.1115
Today Daily Change %	0.16%
Today daily open	68.674

Trends
Daily SMA20	68.8992
Daily SMA50	69.3894
Daily SMA100	69.4559
Daily SMA200	70.4722

Levels
Previous Daily High	68.78
Previous Daily Low	68.481
Previous Weekly High	68.8975
Previous Weekly Low	68.2475
Previous Monthly High	70.1225
Previous Monthly Low	68.8755
Daily Fibonacci 38.2%	68.6658
Daily Fibonacci 61.8%	68.5952
Daily Pivot Point S1	68.51
Daily Pivot Point S2	68.346
Daily Pivot Point S3	68.211
Daily Pivot Point R1	68.809
Daily Pivot Point R2	68.944
Daily Pivot Point R3	69.108

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.

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