USD/INR Price Analysis: Holds steady above 71.00 handle, lacks follow-through
- USD/INR edged higher for the third consecutive session on Monday.
- Bulls await a sustained move beyond 71.25-30 horizontal resistance.
The USD/INR cross edged higher for the third consecutive session on Monday and built on its recent bounce from one-month lows, or the very important 200-day SMA.
The cross held above the 71.00 handle through the mid-European session, albeit seemed struggling to make it through the 71.25-30 horizontal support-turned-resistance zone.
Meanwhile, technical indicators on the daily chart have recovered from the negative territory but are still far from gaining strong positive traction, warranting some caution.
Hence, it will be prudent to wait for some strong follow-through buying beyond the mentioned barrier before positioning for any further appreciating move towards the 71.55-60 region.
On the flip side, the pair might show some resilience below the 71.00 handle and any subsequent fall should continue to attract some dip-buying interest near the 70.65-60 support zone.
USD/INR daily chart