USD/INR technical analysis: Sellers await a break of 71.45 for fresh entry

USD/INR stays below 23.6% Fibonacci retracement amid near overbought RSI levels.
A weekly break below 71.45 could recall May month top.

Repeated failures to cross 23.6% Fibonacci retracement of the year 2018 upside portray the USD/INR pair’s weakness as it trades near 71.7250 ahead of the European session on Wednesday.

In order to revisit May month high surrounding 71.00, a weekly closing below previous candle low of 71.45 becomes necessary while 38.2% Fibonacci retracement level of 70.50 and June month high close to 70.12, followed by 70.00 round-figure, could please bears afterward.

It should, however, be noted, that the pair’s declines below 70.00 will find it hard to sustain as 50% Fibonacci retracement level of 69.10 and 21-month-old rising trend-line near 68.80 will question pair’s further south-run.

Alternatively, pair’s weekly close above 23.6% Fibonacci retracement level of 72.20 could challenge December 2018 high of 72.82 while 73.15/20 area, including mid-October 2018 lows, holds the key to pair’s rally towards 75.00 mark.

USD/INR weekly chart

Trend: pullback expected

additional important levels

Overview
Today last price	71.7355
Today Daily Change	-0.1095
Today Daily Change %	-0.15%
Today daily open	71.845

Trends
Daily SMA20	71.7218
Daily SMA50	70.2807
Daily SMA100	69.9439
Daily SMA200	70.1327

Levels
Previous Daily High	72.165
Previous Daily Low	71.7415
Previous Weekly High	72.6325
Previous Weekly Low	71.4535
Previous Monthly High	72.375
Previous Monthly Low	68.849
Daily Fibonacci 38.2%	72.0032
Daily Fibonacci 61.8%	71.9033
Daily Pivot Point S1	71.6693
Daily Pivot Point S2	71.4937
Daily Pivot Point S3	71.2458
Daily Pivot Point R1	72.0928
Daily Pivot Point R2	72.3407
Daily Pivot Point R3	72.5163

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