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USD/INR technical analysis: Sellers eye 3-week old support-line as MACD about to turn bearish

  • USD/INR remains firm above near-term support-line but fails to clear 61.8% Fibonacci retracement.
  • MACD is about to flash bearish signal, highlighting the importance of immediate trend-line support and 21-DMA.

The USD/INR pair’s failure to rise past-61.8% Fibonacci retracement of 2018 peak to current year bottom will soon be joined by a bearish signal from the 12-day moving average convergence and divergence (MACD) as it makes the rounds to 71.95 ahead of Thursday’s European session.

As a result, the quote might witness a pullback towards three-week-old support-line, at 71.52, whereas 21-day simple moving average (DMA) could restrict the pair’s further declines around 71.20.

In a case where prices fail to respect 71.20 mark, 38.2% Fibonacci retracement level of 70.80 and June month high surrounding 70.12 can lure USD/INR sellers.

On the upside break of 61.8% Fibonacci retracement level near 72.40, prices can rise to December 2018 high of 72.82.

USD/INR daily chart

Trend: pullback expected

Additional important levels

Overview
Today last price71.9455
Today Daily Change0.1198
Today Daily Change %0.17%
Today daily open71.8257
 
Trends
Daily SMA2071.1652
Daily SMA5069.798
Daily SMA10069.7254
Daily SMA20070.0684
Levels
Previous Daily High71.905
Previous Daily Low71.4525
Previous Weekly High72.3235
Previous Weekly Low71.06
Previous Monthly High69.3675
Previous Monthly Low68.2475
Daily Fibonacci 38.2%71.7321
Daily Fibonacci 61.8%71.6254
Daily Pivot Point S171.5505
Daily Pivot Point S271.2752
Daily Pivot Point S371.098
Daily Pivot Point R172.003
Daily Pivot Point R272.1802
Daily Pivot Point R372.4555

Author

Anil Panchal

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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