USD/INR Technical Analysis: Path of least resistance is to the higher side

Omkar Godbole FXStreet Contributor

The USD/INR pair closed well above the Jan. 21 high of 71.52 yesterday, reviving the bullish view put forward by the falling wedge breakout on Jan. 18.

Daily chart

The bull breakout seen in the above chart is backed by the ascending 5- and 10-day moving averages (MAs) and the 14-day relative strength index (RSI), which is currently printing bullish conditions above 60.

USD/INR, therefore, could beat the 100-day moving average (MA), currently at 71.79, in a day or two and rise well above 72.00.

The bullish setup would be neutralized below the former resistance-turned-support of 71.52, although that looks less likely.

Trend: bullish

USD/INR

Overview:
    Today Last Price: 71.695
    Today Daily change: 0.0100 pips
    Today Daily change %: 0.01%
    Today Daily Open: 71.685
Trends:
    Daily SMA20: 70.9848
    Daily SMA50: 70.7255
    Daily SMA100: 71.7909
    Daily SMA200: 70.3029
Levels:
    Previous Daily High: 71.91
    Previous Daily Low: 71.4355
    Previous Weekly High: 71.64
    Previous Weekly Low: 70.82
    Previous Monthly High: 71.64
    Previous Monthly Low: 69.185
    Daily Fibonacci 38.2%: 71.7287
    Daily Fibonacci 61.8%: 71.6168
    Daily Pivot Point S1: 71.4437
    Daily Pivot Point S2: 71.2023
    Daily Pivot Point S3: 70.9692
    Daily Pivot Point R1: 71.9182
    Daily Pivot Point R2: 72.1513
    Daily Pivot Point R3: 72.3927

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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