USD/INR technical analysis: MACD portrays buyer exhaustion near short-term key supports

USD/INR refrains from carrying the previous upside amid bearish MACD signal.
4H 50MA, eight-day long rising trend-line become important supports for now.

Anil Panchal FXStreet

Not only failure to hold on to the strength after flashing the yearly high, bearish signal by MACD also favors the USD/INR pair’s pullback as it trades near 71.5750 ahead of Wednesday’s European session.

However, 50-bar moving average on the four-hour chart (4H 50MA) and an upward sloping trend-line since August 09, at 71.34 and 71.27 respectively, limit the pair’s immediate declines.

Should prices slip beneath 71.27, a fresh downward trajectory towards 50% Fibonacci retracement of July-end to Tuesday’s top, at 70.32 and then to 70.00 round-figure can well be anticipated.

Meanwhile, 71.85 and 72.00 can entertain buyers ahead of pushing them towards December 2018 high around 72.82.

USD/INR 4-hour chart

Trend: Pullback expected

1. R3 72.3905
2. R2 72.1978
3. R1 71.8364
PP 71.6437
1. S1 71.2823
2. S2 71.0896
3. S3 70.7282

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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