USD/INR Technical Analysis: Consolidates above 38.2% Fibo., 71.65-60 pivotal support

The USD/INR pair has been struggling for a firm direction.
Break below 71.65-60 support to accelerate the recent slide.
Bulls await a sustained strength beyond the 72.00 handle.

Haresh Menghani FXStreet

The USD/INR pair continued with its struggle to build on its attempted moves beyond the 72.00 handle and remained confined well within a three-day-old narrow trading band.

Currently hovering around 200-hour SMA, the 38.2% Fibonacci level of the 70.53-72.37 move up – the 0.7165-60 region – might continue to act as immediate support for the pair.

Sustained weakness below the mentioned support might be seen as a key trigger for bearish traders and accelerate the slide further towards 61.8% Fibo. support near the 71.20 region.

Some follow-through selling has the potential to drag the pair further towards testing sub-71.00 levels and also set the stage for an extension of the near-term depreciating move.

On the flip side, bulls are likely to wait for a sustained strength beyond the 72.00 mark, above which the pair could aim back towards monthly tops around the 72.35-40 region.

The momentum could further get extended towards September monthly peak, around the 72.65 region, which if cleared will negate any near-term bearish bias for the pair.

Meanwhile, neutral technical indicators on hourly charts haven't been supportive of any firm direction and thus, warrant some cautions before placing aggressive bets.

USD/INR 1-hourly chart

USD/INR

Overview
Today last price	71.751
Today Daily Change	-0.0280
Today Daily Change %	-0.04
Today daily open	71.779

Trends
Daily SMA20	71.2892
Daily SMA50	71.163
Daily SMA100	70.7491
Daily SMA200	70.218

Levels
Previous Daily High	72.1082
Previous Daily Low	71.6455
Previous Weekly High	72.37
Previous Weekly Low	70.97
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	71.8223
Daily Fibonacci 61.8%	71.9315
Daily Pivot Point S1	71.5803
Daily Pivot Point S2	71.3815
Daily Pivot Point S3	71.1175
Daily Pivot Point R1	72.043
Daily Pivot Point R2	72.307
Daily Pivot Point R3	72.5058

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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