USD/INR technical analysis: Pulls back from 4-week old resistance-line

• 1-week-long support-line can please short-term USD/INR sellers.
• A downward sloping trend-line since mid-May also challenges the pair’s upside.

Having reversed from the short-term resistance-line, USD/INR aims to visit adjacent trend-line support as it trades near 68.79 heading into the European open on Thursday.

The one-week-old trend-line support, at 68.64, seems the closest rest, a break of which can drag the quote further down towards 68.40 and then to latest lows surrounding 68.25.

On the contrary, pair’s run-up beyond 4-week old resistance-line, at 69.04, can please buyers with 38.2% Fibonacci retracement of mid-May to early-month downpour at 69.30.

However, a bit broader trend-line from mid-May at 69.40, could hinder the pair’s following upside.

USD/INR 4-hour chart

Trend: Bearish