Indian Rupee Price News and Forecast: USD/INR Probes three-week winning streak, heavy below 72.57
|USD/INR Technical Analysis: Slips below 100-day SMA, over 1-week lows
The USD/INR cross extended the previous session's sharp intraday pullback from early September swing high and remained under some heavy selling pressure for the second consecutive day.
The overnight slide below the 23.6% Fibonacci level of the 68.25-72.63 was seen as a key trigger for bearish traders and some follow-through weakness through the mid-European session.
The pair has now slipped below 100-day SMA and is currently hovering around the 71.25-20 strong horizontal support, which if broken should open the room for a further near-term downside.
Meanwhile, oscillators on the daily chart have been losing traction, rather started drifting into the negative territory and support prospects for an extension of the ongoing corrective slide. Read more...
USD/INR Technical Analysis: Probes three-week winning streak, heavy below 72.57
USD/INR stays modestly changed to 71.48 amid the initial Indian session on Thursday. The pair dropped towards retesting the weekly low of 71.35, flashed yesterday, as taking rounds to 71.38 at the open. However, mild recoveries could be spotted after a heavy fall the previous.
Even so, the pair stays on the back foot while reversing from a downward sloping trend line since mid-December 2018, also observing the declines below 50% Fibonacci retracement level of October 2018 to July 2019 fall.
With this, USD/INR prices are likely to keep the losses while targeting 71.00 and 38.2% Fibonacci retracement level of 70.80. However, an upward sloping trend line since July 2019, near 70.72, can cure the pair’s further weakness ahead of 70.00 psychological magnet. Read more...
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