USD/INR technical analysis: Sellers can enter as 12-day old support-line breaks

  • USD/INR remains below short-term support-line.
  • The three-day-old horizontal resistance limits the immediate upside.
  • 38.2% Fibonacci retracement can lure sellers.

Having breached a 12-day old support-line, the USD/INR pair takes the rounds to 71.16 ahead of Monday’s European session.

Not only pair’s decline below ascending trend-line but sustained trading below three-day-old horizontal-area also increases the odds for its declines to 38.2% Fibonacci retracement level of July-end to mid-August upside at 70.68.

During the quote’s extended south-run below 70.68, 50% Fibonacci retracement near 70.30 and 70.00 round-figure will lure bears.

Meanwhile, pair’s pullback needs to cross 71.25/28 horizontal resistance in order to target immediate descending trend-line at 71.65, a break of which can propel prices to monthly top surrounding 71.94.

It should also be noted that 12-bar moving average convergence and divergence (MACD) flashes bearish signal.

USD/INR 4-hour chart

 Trend: Pullback expected

    1. R3 72.3923 
    2. R2 72.1037 
    3. R1 71.6228 
  1. PP 71.3342 
    1. S1 70.8533
    2. S2  70.5647
    3. S3  70.0838


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Mildly bid, but bull reversal remains elusive

EUR/USD is currently trading at 1.1078, representing marginal gains on the day amid oil price spike. The currency pair on Friday faced rejection at the resistance of the trendline connecting June 25 and Aug. 13 highs.


GBP/USD: Brexit optimism keeps bulls in the drivers’ seat

The GBP/USD pair has advanced for a second consecutive week, reaching Friday 1.2505, its highest since last July, and settling not far below this last. Fading odds for a hard-Brexit continue to underpin the Pound.


USD/JPY looking to close the bearish opening gap amid risk-off

USD/JPY gapped down to 107.44 on Monday’s open as risk appetite is diminished following the attack on Saudi Arabian oil facilities. The spot now trades near 107.80, aiming to close the bearish opening gap ahead of a big week. 


Gold prices shot higher by over 1% in risk-off start to the week

Gold prices have shot higher in the open this week due to the increased tensions in the Middle East following the attack on Saudi Arabia’s oil and gas facilities in Abqaiq which has suspended half of the kingdom’s processing.

Gold News

The good, the bad and the extremely ugly crypto

XRP is in a borderline situation and with little room for doubt. Bitcoin demonstrates its power and positions itself as the emerging leader. Ethereum is in an intermediate situation, far from risk but also from opportunity.

Read more