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

 

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