USD/INR technical analysis: 50-day SMA, two-month-old trendline exert downside pressure

USD/INR stays inside a short-term symmetrical triangle.
70.35, 200-day SMA and 70.00 keep sellers in check.

Anil Panchal FXStreet

Following its failure to remain strong around nine-day high, mainly due to 50-day SMA, USD/INR declines to 70.97 by the press time of early Friday.

Prices are not trading southwards to a five-week-old rising trend line, at 70.70. However, pair’s further downpour will be disturbed by multiple lows marked since early August around 70.35, 200-day Simple Moving Average (SMA) level of 70.20 and 70.00 round-figure.

In a case where sellers keep the reins below 70.00, late-June high nearing 69.80 and July month top close to 69.35 will become their favorites.

On the upside, pair’s rise beyond 50-day SMA level of 71.25 could trigger fresh run-up to two-month-old falling resistance line, at 71.46, a break of which could push buyers towards October month high near 71.80.

During the pair’s extended run-up beyond 71.80, 72.40 and September month high surrounding 72.65 will be the key to watch.

USD/INR daily chart

Trend: sideways

additional important levels

Overview
Today last price	70.9725
Today Daily Change	-0.1060
Today Daily Change %	-0.15%
Today daily open	71.0785

Trends
Daily SMA20	71.0267
Daily SMA50	71.2606
Daily SMA100	70.4471
Daily SMA200	70.1994

Levels
Previous Daily High	71.2005
Previous Daily Low	70.6925
Previous Weekly High	71.376
Previous Weekly Low	70.7052
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	71.0064
Daily Fibonacci 61.8%	70.8866
Daily Pivot Point S1	70.7805
Daily Pivot Point S2	70.4825
Daily Pivot Point S3	70.2725
Daily Pivot Point R1	71.2885
Daily Pivot Point R2	71.4985
Daily Pivot Point R3	71.7965

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.

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.