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.

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

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD: Bears eye 1.25 as disappointing UK GDP knocks off yields

GBP/USD extends losses towards 1.2500, as the UK GDP disappointment weighs negatively on the 2-year Gilt yields. Broad US dollar strength amid risk-off mood also adds to the bearish pressure on the cable. 

GBP/USD News

EUR/USD under pressure below 1.1350 amid risk-aversion

EUR/USD remains pressured below 1.1350, as US dollar trades firmer amid broad risk-aversion. The German ZEW Survey to show signs of an economic turnaround. Heightened expectations for an EU fiscal stimulus plan could buoy the shared currency. 

EUR/USD News

Gold: $1796 is the level to beat for the XAU bears

Gold is trying hard to recover ground above the $1800 mark, as the US dollar continues to benefit from broad risk-aversion amid looming coronavirus risks. Let’s see how it is positioned ahead of the critical US CPI release.

Gold News

Forex Today: US dollar seizes control as risk aversion returns, a busy docket ahead

Broad US dollar strength extended into Asia, as risk-averse market conditions persisted amid intensifying coronavirus fears and US-China tensions. The Asian equities followed the late sell-off on Wall Street while the US stock futures struggled with its recovery.

Read more

WTI recovers from intraday low under $40.00 ahead of API inventories

WTI’s pullback from $39.30 fails to defy a two-day losing streak. China’s sustained increase in oil imports confronts chatter of easing output cuts. US inflation data, API stockpiles and American earnings are in the spotlight.

Oil News

Forex MAJORS

Cryptocurrencies

Signatures