USD/INR technical analysis: Struggles between 50, 100-day SMA

USD/INR witnesses pullback from 38.2% Fibonacci retracement.
50% Fibonacci retracement, 70.36/35 add to support.

Anil Panchal FXStreet

Following its trading range between the key moving averages, USD/INR declines to 70.72 while heading into the European session on Tuesday.

The quote recently took a U-turn from 38.2% Fibonacci retracement of July-September upside, at 70.96, indicating another visit to 100-day Simple Moving Average (SMA) level of 70.47. Also increasing the strength of the support is 50% Fibonacci retracement.

It should, however, be noted that pair’s declines below 70.47 will aim for 70.36/35 support-zone including lows marked since early August.

During pair’s extended weakness below 70.35, 61.8% Fibonacci retracement level of 69.92 and late-July highs close to 69.36 will become sellers’ favourites.

Meanwhile, pair’s sustained rise past-50-day SMA level of 71.20, can target October high surrounding 71.80 whereas 72.30 and 72.65 could please bulls afterward.

USD/INR daily chart

Trend: sideways

additional important levels

Overview
Today last price	70.721
Today Daily Change	-0.1355
Today Daily Change %	-0.19%
Today daily open	70.8565

Trends
Daily SMA20	71.0006
Daily SMA50	71.2158
Daily SMA100	70.4638
Daily SMA200	70.1961

Levels
Previous Daily High	71.125
Previous Daily Low	70.4975
Previous Weekly High	71.2825
Previous Weekly Low	70.5329
Previous Monthly High	71.79
Previous Monthly Low	70.6425
Daily Fibonacci 38.2%	70.8853
Daily Fibonacci 61.8%	70.7372
Daily Pivot Point S1	70.5277
Daily Pivot Point S2	70.1988
Daily Pivot Point S3	69.9002
Daily Pivot Point R1	71.1552
Daily Pivot Point R2	71.4538
Daily Pivot Point R3	71.7827

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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