USD/INR technical analysis: On the back foot below 21-day SMA amid bearish MACD

  • USD/INR stays below immediate moving average resistance.
  • Lows marked since August 08, 200-day SMA seem key supports.
  • A falling trendline since early September adds to the resistance.

Sustained weakness below immediate key Simple Moving Average (SMA) keeps USD/INR sellers on the cards as the pair seesaws near 70.81 by the press time of pre-European session opening on Monday.

With the bearish signals from 12-bar Moving Average Convergence and Divergence (MACD) adding strength to downside sentiment, prices can revisit 50% Fibonacci retracement of July-September rise, at 70.44, prior revisiting 70.36/35 area that includes lows marked since August 08 and 200-day SMA level of 70.20.

During the pair’s additional weakness below 70.20, the 70.00 round-figure will be the key to watch as a failure to hold it can recall 69.40 on the chart.

Meanwhile, an upside clearance of a 21-day SMA level of 71.05 needs to be validated by the short-term falling trend line, at 71.40.

Should there be a successful rise above 71.40, monthly high near to 71.80 may have lesser chances to stay as a strong resistance.

USD/INR daily chart

Trend: bearish


Today last price 70.805
Today Daily Change -0.0350
Today Daily Change % -0.05%
Today daily open 70.84
Daily SMA20 71.047
Daily SMA50 71.3194
Daily SMA100 70.3928
Daily SMA200 70.2042
Previous Daily High 71.21
Previous Daily Low 70.744
Previous Weekly High 71.376
Previous Weekly Low 70.7052
Previous Monthly High 72.6325
Previous Monthly Low 70.3685
Daily Fibonacci 38.2% 70.922
Daily Fibonacci 61.8% 71.032
Daily Pivot Point S1 70.6527
Daily Pivot Point S2 70.4653
Daily Pivot Point S3 70.1867
Daily Pivot Point R1 71.1187
Daily Pivot Point R2 71.3973
Daily Pivot Point R3 71.5847



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