USD/INR technical analysis: Sellers eye 3-week old support-line as MACD about to turn bearish

USD/INR remains firm above near-term support-line but fails to clear 61.8% Fibonacci retracement.
MACD is about to flash bearish signal, highlighting the importance of immediate trend-line support and 21-DMA.

Anil Panchal FXStreet

The USD/INR pair’s failure to rise past-61.8% Fibonacci retracement of 2018 peak to current year bottom will soon be joined by a bearish signal from the 12-day moving average convergence and divergence (MACD) as it makes the rounds to 71.95 ahead of Thursday’s European session.

As a result, the quote might witness a pullback towards three-week-old support-line, at 71.52, whereas 21-day simple moving average (DMA) could restrict the pair’s further declines around 71.20.

In a case where prices fail to respect 71.20 mark, 38.2% Fibonacci retracement level of 70.80 and June month high surrounding 70.12 can lure USD/INR sellers.

On the upside break of 61.8% Fibonacci retracement level near 72.40, prices can rise to December 2018 high of 72.82.

USD/INR daily chart

Trend: pullback expected

Additional important levels

Overview
Today last price	71.9455
Today Daily Change	0.1198
Today Daily Change %	0.17%
Today daily open	71.8257

Trends
Daily SMA20	71.1652
Daily SMA50	69.798
Daily SMA100	69.7254
Daily SMA200	70.0684

Levels
Previous Daily High	71.905
Previous Daily Low	71.4525
Previous Weekly High	72.3235
Previous Weekly Low	71.06
Previous Monthly High	69.3675
Previous Monthly Low	68.2475
Daily Fibonacci 38.2%	71.7321
Daily Fibonacci 61.8%	71.6254
Daily Pivot Point S1	71.5505
Daily Pivot Point S2	71.2752
Daily Pivot Point S3	71.098
Daily Pivot Point R1	72.003
Daily Pivot Point R2	72.1802
Daily Pivot Point R3	72.4555

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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