USD/INR Technical Analysis: Oil rally to weigh over Rupee, hurdle at 72.12 could be tested

The Rupee is likely to weaken, tracking the rally in oil prices.
USD/INR will likely test resistance at 72.12.

Omkar Godbole FXStreet Contributor

The USD/INR pair looks set to test key resistance above 72.00 with oil rallying to multi-month highs on US-Iran tensions.

Brent oil is currently trading at $70.42, its highest level since May 2019. The black gold is currently representing a 16.7 percent gain on the low of $60.32 registered in early December.

India imports more than 80% of its oil requirements and the rise in crude prices increases India's annual oil import bill.

Hence, markets are likely to offer Rupee, pushing USD/INR to 72.12 - resistance of the weekly chart contracting triangle.

A weekly close above 72.12 would imply a resumption of the rally from July lows near 68.30 and open the doors for beak above 73.00

Weekly chart

Trend: Bullish

Technical levels

USD/INR

Overview
Today last price	71.96
Today Daily Change	0.1840
Today Daily Change %	0.26
Today daily open	71.776

Trends
Daily SMA20	71.1044
Daily SMA50	71.2931
Daily SMA100	71.3063
Daily SMA200	70.4119

Levels
Previous Daily High	72.0638
Previous Daily Low	71.216
Previous Weekly High	72.0638
Previous Weekly Low	71.1005
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.7399
Daily Fibonacci 61.8%	71.5398
Daily Pivot Point S1	71.3068
Daily Pivot Point S2	70.8375
Daily Pivot Point S3	70.459
Daily Pivot Point R1	72.1545
Daily Pivot Point R2	72.533
Daily Pivot Point R3	73.0023

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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