USD/INR technical analysis: Bearish MACD portrays bullish exhaustion around 21-DMA

USD/INR nears 71.45/40 support-confluence amid bearish MACD.
Repeated failures to rise successfully above 72.00 also portray the momentum weakness.

Anil Panchal FXStreet

Despite staying positive around 71.90 ahead of Monday’s European session, the USD/INR seems to have lost upside momentum as not only 12-bar moving average convergence and divergence (MACD) but the inability to successfully trade above 72.00 also portrays the bullish exhaustion.

As a result, sellers await a downside break of 71.45/40 support-confluence including 21-day simple moving average (DMA) and an upward sloping trend-line since August 08.

In doing so, 61.8% Fibonacci retracement of December 2018 to July 2019 downpour, at 71.07 can offer immediate support to the pair whereas 50% Fibonacci retracement level of 70.53 and 200-DMA level of 70.09 can please sellers afterward.

Meanwhile, pair’s sustained trading beyond 72.00 needs to cross a recent high of 72.38 in order to question the December 2018 to surrounding 72.80 and then aim for 73.00 round-figure.

USD/INR daily chart

Trend: pullback expected

Additional important levels

Overview
Today last price	71.886
Today Daily Change	0.1210
Today Daily Change %	0.17%
Today daily open	71.765

Trends
Daily SMA20	71.3879
Daily SMA50	69.8846
Daily SMA100	69.7773
Daily SMA200	70.0795

Levels
Previous Daily High	71.9875
Previous Daily Low	71.3775
Previous Weekly High	72.375
Previous Weekly Low	71.3475
Previous Monthly High	72.375
Previous Monthly Low	68.849
Daily Fibonacci 38.2%	71.7545
Daily Fibonacci 61.8%	71.6105
Daily Pivot Point S1	71.4325
Daily Pivot Point S2	71.1
Daily Pivot Point S3	70.8225
Daily Pivot Point R1	72.0425
Daily Pivot Point R2	72.32
Daily Pivot Point R3	72.6525

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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