USD/INR Technical Analysis: Eases from weekly tops, up little around 71.60 region
- USD/INR failed to capitalize on its early positive move to fresh weekly tops.
- Weaker Indian GDP growth figures also did little to impress bullish traders.
The USD/INR cross built on the previous session's recovery move from near three-week lows and gained some follow-through traction on the last trading day of the week.
Bulls, however, failed to capitalize on the early uptick to fresh weekly tops, albeit the pair has still managed to hold with modest daily gains post-Indian GDP growth figures.
The intraday positive momentum faltered near a resistance marked by the top end of a descending trend-channel, extending through the recent swing high near the 72.35-40 region.
The mentioned barrier also nears the 23.6% Fibonacci retracement level of the 70.50-72.37 positive move and should now act as a key pivotal point for short-term bullish traders.
On the flip side, immediate support is pegged near the 71.45 region (50% Fibo.), which if broken might accelerate the slide back towards weekly lows – around the 71.25-20 region.
The latter coincides with 61.8% Fibo. level and is closely followed by the trend-channel support, below which the cross seems all set to head towards testing the 70.85 horizontal support.
USD/INR 4-hourly chart
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Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
