USD/INR technical analysis: Bearish MACD, lower highs drive sellers to 70.50/45 confluence

• USD/INR maintains a lower high formation since the month-start.
• Bearish MACD signals gradual declines towards 100-day EMA, four-week-old falling trend-line.

USD/INR fails to hold on to latest recovery gains as it declines to 70.95 ahead of Thursday’s European session.

The pair forms lower-high pattern since the early month while bearish signal by 12-bar moving average convergence and divergence (MACD) increases the odds of further weakness towards 70.50/45 support-confluence including 100-day exponential moving average (EMA) and a month-old falling trend-line.

Should there be additional south-run past-70.45, bears won’t hesitate to challenge 61.8% Fibonacci retracement of July-September upside at 69.93.

Meanwhile, multiple resistances around 71.40 and 72.00 stand tall to limit pair’s pullback, if not then monthly top near 72.65 and 73.00 will be on bull’s radar.

USD/INR daily chart

Trend: bearish