USD/INR: Rupee stalls 4-day corrective slide near 70.70
- Benefits from the Yuan rally, weaker US dollar amid renewed US-China trade optimism.
- Will the bounce sustain amid the recent strength in oil prices?
The USD/INR cross stalled its 4-day recovery mode from five-month troughs of 69.18, as the Rupee bulls are seen taking back charge amid the advance in its Asian peers.
The surge in the Chinese Yuan against the greenback amid re-emergence of US-China trade optimism lifted the sentiment around its Asian counterparts, helping stall the corrective downside in the Indian National Rupee (INR).
Meanwhile, the recent dovish comments by the Federal Reserve Officials combined with risks over the Fed rate hike pause weighed negatively on the US dollar and eventually collaborated to the renewed weakness seen around the spot.
However, it remains to be seen if the Rupee can sustain the tepid bounce, as oil prices are likely to trade higher amid risk-on market profile.
USD/INR Technical Levels
Today Last Price: 70.495
Today Daily change: 3.8e+2 pips
Today Daily change %: 0.0544%
Today Daily Open: 70.4567
Previous Daily SMA20: 70.2451
Previous Daily SMA50: 71.0321
Previous Daily SMA100: 71.8466
Previous Daily SMA200: 69.8513
Previous Daily High: 70.715
Previous Daily Low: 70.305
Previous Weekly High: 70.5255
Previous Weekly Low: 69.435
Previous Monthly High: 72.82
Previous Monthly Low: 69.505
Previous Daily Fibonacci 38.2%: 70.4616
Previous Daily Fibonacci 61.8%: 70.5584
Previous Daily Pivot Point S1: 70.2695
Previous Daily Pivot Point S2: 70.0822
Previous Daily Pivot Point S3: 69.8595
Previous Daily Pivot Point R1: 70.6795
Previous Daily Pivot Point R2: 70.9022
Previous Daily Pivot Point R3: 71.0895