USD/INR technical analysis: Bounces off 21-day SMA, inside a month-long triangle

The USD/INR pair stays inside a month-old range despite bouncing off 21-day SMA.
Bullish MACD, sustained trading beyond 70.35 favor buyers.
23.6% Fibonacci retracement of July-September upside acts as immediate resistance.

Anil Panchal FXStreet

Despite taking a U-turn from 21-day Simple Moving Average (SMA), USD/INR remains inside a month-old symmetrical triangle while taking rounds to 71.30 ahead of Friday’s European session.

However, a 23.6% Fibonacci retracement level of 71.60 can entertain short-term buyers. Also, a downside break below 21-day SMA level of 71.07 can take rest on 38.2% Fibonacci retracement level of 70.95.

On either side breaks of pattern extremes, namely 71.75 resistance and 70.88 support, prices can register larger moves towards 72.35 or 70.35.

It should also be noted that repeated recoveries from 70.35 and the bullish signal from 12-bar Moving Average Convergence and Divergence (MACD) keep buyers optimistic.

USD/INR daily chart

Trend: sideways

additional important levels

Overview
Today last price	71.2878
Today Daily Change	0.1003
Today Daily Change %	0.14%
Today daily open	71.1875

Trends
Daily SMA20	71.0587
Daily SMA50	71.3586
Daily SMA100	70.2979
Daily SMA200	70.2053

Levels
Previous Daily High	71.63
Previous Daily Low	71.069
Previous Weekly High	71.585
Previous Weekly Low	70.7955
Previous Monthly High	72.6325
Previous Monthly Low	70.3685
Daily Fibonacci 38.2%	71.2833
Daily Fibonacci 61.8%	71.4157
Daily Pivot Point S1	70.961
Daily Pivot Point S2	70.7345
Daily Pivot Point S3	70.4
Daily Pivot Point R1	71.522
Daily Pivot Point R2	71.8565
Daily Pivot Point R3	72.083

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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