USD/INR Technical Analysis: Slips below 100-day SMA, over 1-week lows

USD/INR remains under some heavy selling pressure for the second straight session.
The technical set-up support prospects for an extension of the ongoing corrective slide.

Haresh Menghani FXStreet

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.

Hence, some follow-through selling below the mentioned support has the potential to drag the pair further towards testing sub-71.00 level (38.2% Fibo.) amid the prevailing risk-on environment.

The downward momentum could further get extended towards retesting December monthly swing lows support near the 70.55-50 region – support marked by 50% Fibo. level.

On the flip side, the 71.55-60 region (23.6% Fibo. level) now seems to act as an immediate resistance, above which the pair is likely to make a fresh attempt towards reclaiming the 72.00 handle.

USD/INR daily chart

USD/INR

Overview
Today last price	71.2405
Today Daily Change	-0.2330
Today Daily Change %	-0.33
Today daily open	71.4735

Trends
Daily SMA20	71.2423
Daily SMA50	71.3482
Daily SMA100	71.3129
Daily SMA200	70.4554

Levels
Previous Daily High	72.57
Previous Daily Low	71.347
Previous Weekly High	72.0638
Previous Weekly Low	71.1005
Previous Monthly High	71.98
Previous Monthly Low	70.328
Daily Fibonacci 38.2%	71.8142
Daily Fibonacci 61.8%	72.1028
Daily Pivot Point S1	71.0237
Daily Pivot Point S2	70.5738
Daily Pivot Point S3	69.8007
Daily Pivot Point R1	72.2467
Daily Pivot Point R2	73.0198
Daily Pivot Point R3	73.4697

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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