USD/INR Technical Analysis: 72.00 ahead?

The USD/INR pair is currently trading at 71.31, having clocked a 20-day high of 71.4375 a few minutes ago.
A descending triangle breakout and the inverse head-and-shoulders bullish reversal seen in the 4-hour chart indicates the pullback from the record highs above 74.00 has likely ended at 69.57 and the dollar bulls have regained control.
The inverse head-and-shoulders breakout, in particular, indicates scope for a rally to 72.50 (target as per the measured move method). Backing the bullish breakout are the ascending 5- and 10-day moving averages (MAs).
The bullish case, however, would weaken if the pair finds acceptance under the former resistance-turned-support of 71.16.

Omkar Godbole FXStreet Contributor

4-hour chart

Trend: Bullish

USD/INR

Overview:
    Today Last Price: 71.355
    Today Daily change: -4.5e+2 pips
    Today Daily change %: -0.0630%
    Today Daily Open: 71.4
Trends:
    Previous Daily SMA20: 71.1046
    Previous Daily SMA50: 72.5084
    Previous Daily SMA100: 71.5198
    Previous Daily SMA200: 69.1907
Levels:
    Previous Daily High: 71.44
    Previous Daily Low: 70.415
    Previous Weekly High: 71.44
    Previous Weekly Low: 69.6505
    Previous Monthly High: 74.09
    Previous Monthly Low: 69.5705
    Previous Daily Fibonacci 38.2%: 71.0484
    Previous Daily Fibonacci 61.8%: 70.8066
    Previous Daily Pivot Point S1: 70.73
    Previous Daily Pivot Point S2: 70.06
    Previous Daily Pivot Point S3: 69.705
    Previous Daily Pivot Point R1: 71.755
    Previous Daily Pivot Point R2: 72.11
    Previous Daily Pivot Point R3: 72.78

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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