USD/INR Technical Analysis: hits 3-month low below 38.2% Fib retracement

The USD/INR pair gapped lower on Thursday and hit a three-month low of 70.05.
The pair is currently trading below 70.19 - 38.2 percent Fibonacci retracement of 63.25/74.49.

Daily Chart

As seen above, the 14-day relative strength index (RSI) has fallen back below 30.00, signaling oversold conditions. As a result, bearish momentum may wane in the short-term.

4-hour Chart

Over on the 4-hour chart, the pair has closed new cycle low. The RSI, however, is charting a higher low, that is, a bullish divergence would be confirmed if the currency or the next 4-hour candle closes on a positive note.
The pair may revisit 10-day EMA hurdle, currently at $70.90. The outlook would remain bearish as long as the 5- and 10-day EMAs are trending south. A daily close above the 10-day EMA, however, would neutralize the bearish setup.

Trend: Corrective bounce likely

USD/INR

Overview:
    Today Last Price: 70.095
    Today Daily change: -3.0e+3 pips
    Today Daily change %: -0.419%
    Today Daily Open: 70.39
Trends:
    Previous Daily SMA20: 71.9162
    Previous Daily SMA50: 72.7877
    Previous Daily SMA100: 71.3876
    Previous Daily SMA200: 68.9975
Levels:
    Previous Daily High: 71.045
    Previous Daily Low: 70.38
    Previous Weekly High: 72.102
    Previous Weekly Low: 70.495
    Previous Monthly High: 74.504
    Previous Monthly Low: 72.525
    Previous Daily Fibonacci 38.2%: 70.634
    Previous Daily Fibonacci 61.8%: 70.791
    Previous Daily Pivot Point S1: 70.165
    Previous Daily Pivot Point S2: 69.94
    Previous Daily Pivot Point S3: 69.5
    Previous Daily Pivot Point R1: 70.83
    Previous Daily Pivot Point R2: 71.27
    Previous Daily Pivot Point R3: 71.495

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