USD/INR Technical Analysis: Daily chart leans bearish

Omkar Godbole FXStreet Contributor

USD/INR closed well below the 200-day moving average (MA) yesterday, bolstering the bearish setup, as indicated by the range breakdown, descending 5- and 10-day moving averages (MAs) and RSI below 50.

More importantly, the 200-day MA - now a resistance - has reversed spike seen earlier today, further reinforcing the bearish view.

The pair, therefore, risks falling below the immediate support at 70.392 (Feb. 13 low). A violation there would expose 70.00.

A close above the 10-day MA, currently at 70.89, would invalidate the bearish setup.

Daily chart

Trend: Bearish

1. R3 71.8535
2. R2 71.5443
3. R1 71.011
PP 70.7018
1. S1 70.1685
2. S2 69.8593
3. S3 69.326

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.