USD/INR Technical Analysis: Looks heavy after failed breakout

USD/INR's failed breakout has shifted risk in favor of a pullback.
The pair risks falling to the psychological support of 71.00.

Omkar Godbole FXStreet Contributor

USD/INR is operating on slippery grounds and could revisit the psychological support of 71.00.

The currency pair on Wednesday dived out of a contracting triangle on the 4-hour chart, confirming a bearish reversal or an end of the bounce from the Dec. 13 lows near 70.78.

The breakdown also invalidated the upside break of the trendline connecting Nov. 14 and Dec. 4 confirmed on Dec. 27.

A close above the Dec. 27 high of 71.49 is needed to revive the bullish setup. The pair is currently trading at 71.26, representing marginal gains on the day.

Daily chart

4-hour chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	71.26
Today Daily Change	0.0745
Today Daily Change %	0.10
Today daily open	71.1855

Trends
Daily SMA20	71.0801
Daily SMA50	71.2696
Daily SMA100	71.3017
Daily SMA200	70.3896

Levels
Previous Daily High	71.455
Previous Daily Low	71.165
Previous Weekly High	71.5725
Previous Weekly Low	71.04
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.2758
Daily Fibonacci 61.8%	71.3442
Daily Pivot Point S1	71.082
Daily Pivot Point S2	70.9785
Daily Pivot Point S3	70.792
Daily Pivot Point R1	71.372
Daily Pivot Point R2	71.5585
Daily Pivot Point R3	71.662

Author

Omkar Godbole

FXStreet Contributor

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

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