USD/INR technical analysis: Bearish MACD directs sellers to 100/200-day SMA
|- USD/INR pulls back from one week high amid bearish MACD.
- 70.36/35 can offer intermediate support before 100/200-day SMA confluence.
Failure to rise past-one week high, coupled with bearish MACD, drags the USD/INR pair down to an intra-day low of 71.03 by the press time of pre-European open on Wednesday.
The pair now aims to revisit 70.36/35 support-zone comprising lows marked in early-August and late-September. However, 70.15/14 confluence including 100 and 200-day simple moving average (SMA) could restrict the pair’s further declines.
Should there be additional weakness below 70.14, late-June and July highs nearing 69.80 and 69.30 will become sellers’ favorites.
If at all buyers ignore the bearish signal from 12-bar moving average convergence and divergence (MACD) and a flash an uptick beyond 71.40 immediate resistance, 71.80 and 72.35 may lure them.
Additionally, pair’s sustained run-up beyond 72.35 could challenge September month high of 72.63 while aiming 73.00 round-figure.
USD/INR daily chart
Trend: pullback expected
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.