USD/INR Technical Analysis: Bears challenge 38.2% Fibo./200-hour SMA confluence support

The pair failed to capitalize on the previous session’s positive move.
Break below 71.65-60 support should pave the way for further slide.

Haresh Menghani FXStreet

After an initial uptick to levels beyond the 72.00 handle, the USD/INR pair came under some renewed selling pressure and has now eroded a major part of the previous session's gains.

The downtick, also marking the third day of a negative move in the previous four, dragged the pair back closer to a support marked by 38.2% Fibonacci level of the 70.53-72.37 move up.

The mentioned region coincides with 200-hour SMA and is closely followed by a two-week-old ascending trend-line support, which if broken might be seen as a key trigger for bearish traders.

The pair then could accelerate the slide towards the 71.20 region – 61.8% Fibo. – and the downward trajectory could further get extended towards testing sub-71.00 levels in the near term.

On the flip side, the 71.95-72.00 region now seems to act as an immediate resistance, which if cleared has the potential to lift the pair back towards monthly tops around the 72.35-40 region.

Some follow-through buying might negate any near-term bearish bias and set the stage for a move back towards challenging September monthly peak – around the 72.65 region.

USD/INR 1-hourly chart

USD/INR

Overview
Today last price	71.6895
Today Daily Change	-0.2561
Today Daily Change %	-0.36
Today daily open	71.9456

Trends
Daily SMA20	71.1874
Daily SMA50	71.1578
Daily SMA100	70.6892
Daily SMA200	70.2067

Levels
Previous Daily High	71.958
Previous Daily Low	71.5715
Previous Weekly High	72.37
Previous Weekly Low	70.97
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	71.8104
Daily Fibonacci 61.8%	71.7192
Daily Pivot Point S1	71.692
Daily Pivot Point S2	71.4385
Daily Pivot Point S3	71.3055
Daily Pivot Point R1	72.0786
Daily Pivot Point R2	72.2116
Daily Pivot Point R3	72.4651

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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