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.

Anil Panchal FXStreet

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
PP 71.3342
1. S1 70.8533
2. S2 70.5647
3. S3 70.0838

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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