USD/INR technical analysis: On a defensive around 10-DMA, 61.8% Fibo.

Failure to rise past-71.60 drags USD/INR downward.
10-DMA, 61.8% of Fibonacci retracement seem the key supports.

Anil Panchal FXStreet

Despite being on the back foot, USD/INR remains supported by near-term key technical levels as it makes the rounds to 71.00 heading into European session open on Wednesday.

Among the immediate supports, 10-day simple moving average (DMA) level of 70.66 becomes the closest rest ahead of dragging the quote to 61.8% Fibonacci retracement level of February to July downpour, at 70.50.

Should prices slip below 70.50, 50% Fibonacci retracement and June month high can please sellers around 70.12/07.

On the upside, 71.60 holds the gate for the pair’s run-up towards 72.00 round-figure whereas December 2018 high around 72.80 could be next on bears’ watch.

USD/INR daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	71.0102
Today Daily Change	0.1862
Today Daily Change %	0.26%
Today daily open	70.824

Trends
Daily SMA20	69.691
Daily SMA50	69.3405
Daily SMA100	69.4512
Daily SMA200	70.0954

Levels
Previous Daily High	71.59
Previous Daily Low	70.735
Previous Weekly High	71.53
Previous Weekly Low	69.6669
Previous Monthly High	69.3675
Previous Monthly Low	68.2475
Daily Fibonacci 38.2%	71.0616
Daily Fibonacci 61.8%	71.2634
Daily Pivot Point S1	70.5093
Daily Pivot Point S2	70.1947
Daily Pivot Point S3	69.6543
Daily Pivot Point R1	71.3643
Daily Pivot Point R2	71.9047
Daily Pivot Point R3	72.2193

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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