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.

Haresh Menghani FXStreet

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

USD/INR

Overview
Today last price	71.62
Today Daily Change	0.0760
Today Daily Change %	0.11
Today daily open	71.544

Trends
Daily SMA20	71.4898
Daily SMA50	71.1981
Daily SMA100	70.9311
Daily SMA200	70.2286

Levels
Previous Daily High	71.7725
Previous Daily Low	71.229
Previous Weekly High	72.18
Previous Weekly Low	71.5715
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	71.5649
Daily Fibonacci 61.8%	71.4366
Daily Pivot Point S1	71.2578
Daily Pivot Point S2	70.9717
Daily Pivot Point S3	70.7143
Daily Pivot Point R1	71.8013
Daily Pivot Point R2	72.0587
Daily Pivot Point R3	72.3448

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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