USD/INR Price Analysis: Holds steady near 100-day SMA, around 71.30 region
- USD/INR failed to capitalize on the early uptick to two-week tops.
- The set-up warrants some caution before placing any directional bets.
Following an early uptick to two-week tops, the USD/INR cross witnessed a modest intraday pullback and now seems to have stabilized near 100-day SMA.
Acceptance above the said region should inspire bullish traders and pave the way for an extension of the recent bounce from the very important 200-day SMA.
Meanwhile, oscillators on the daily chart have managed to maintain a mildly bullish bias, albeit seemed struggling to gain any meaningful positive momentum.
The near-term technical set-up warrants some caution before placing any aggressive bets and positioning for the pair’s next leg of a directional move.
Having said that, some follow-through buying might now lift the pair further towards the 72.00 round-figure mark ahead of the 72.20-30 supply zone.
On the flip side, pullbacks might continue to attract some dip-buying near the 71.00 level, below which the pair might slide back to the 70.65-60 region (200-DMA).
USD/INR daily chart