USD/INR Technical Analysis: Finds some support ahead of mid-70.00s (200-DMA)

USD/INR traded in the red for the fourth consecutive session on Monday.
Bears are likely to wait for a sustained break below the 70.50-45 region.

Haresh Menghani FXStreet

The USD/INR cross extended its sharp retracement slide from four-month tops, levels just above mid-72.00s, and remained under some selling pressure for the fourth straight session on Monday.

The downward momentum dragged the cross farther below the 71.00 handle to its lowest level since December 16, albeit the bearish pressure eased ahead of the 70.50-45 strong horizontal support.

The mentioned region coincides with the very important 200-day SMA and should now act as a key pivotal point for short-term and help determine the pair’s next leg of a directional move.

Given the pair’s recent rejection from the 72.50-60 supply zone, the said support would further mark the neckline support of a bearish double-top chart pattern formation on the daily chart.

Hence, a decisive breakthrough should be seen as a fresh trigger for bearish traders and open the room for a slide below the key 70.000 psychological mark towards the next support near the 69.30 region.

On the flip side, the 71.00-71.10 region now seems to act as immediate support, above which a bout of short-covering has might lift the cross back towards the 71.55-60 supply zone.

USD/INR daily chart

USD/INR

Overview
Today last price	70.8405
Today Daily Change	-0.1155
Today Daily Change %	-0.16
Today daily open	70.956

Trends
Daily SMA20	71.2897
Daily SMA50	71.3591
Daily SMA100	71.2969
Daily SMA200	70.4751

Levels
Previous Daily High	71.4025
Previous Daily Low	70.8485
Previous Weekly High	72.57
Previous Weekly Low	70.8485
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.0601
Daily Fibonacci 61.8%	71.1909
Daily Pivot Point S1	70.7355
Daily Pivot Point S2	70.515
Daily Pivot Point S3	70.1815
Daily Pivot Point R1	71.2895
Daily Pivot Point R2	71.623
Daily Pivot Point R3	71.8435

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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