USD/INR Technical Analysis: Trapped between key MAs, bullish above 71.82

Omkar Godbole FXStreet Contributor

USD/INR is currently trading at 71.28, having seen a strong bounce from the 200-day moving average (MA) on Wednesday. The upside was capped by the 100-day MA earlier this month. As of writing, the 200- and 100-day MAs are located at 70.47 and 71.69.

While the quick recovery from the 200-week MA has neutralized the immediate bearish setup, a move above the bearish lower high of 71.82 is needed to confirm a bullish reversal. That would expose resistance levels lined up at 72.55 (Dec. 10 high) and 73.07 (Nov. 12 high).

Daily chart

Trend: Neutral

1. R3 71.715
2. R2 71.49
3. R1 71.245
PP 71.02
1. S1 70.775
2. S2 70.55
3. S3 70.305

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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