USD/INR technical analysis: 100/200-day SMAs question bearish engulfing on daily chart

• USD/INR portrays a bearish technical pattern on the daily (D1) chart.
• 100-day SMA, 70.35 and 200-day SMA seem key supports.
• Two-month-old falling trend line limits near-term upside.

Despite flashing a bearish candlestick formation on the daily chart, the USD/INR pair has a long to please bears as it takes the rounds to 70.66 while heading to Monday’s European session.

Among them, a 100-day Simple Moving Average (SMA) level of 70.46 becomes the first one to challenge sellers, a break of which will confront 70.37/36 support zone including multiple lows since early August and 200-day SMA level of 70.20.

Even so, bears will find it hard to rule as 70.00 round-figure stays talk as strong support holding the key to late-July high surrounding 70.35.

On the upside, pair’s run-up beyond a two-month-old falling resistance line, at 71.41 could recall buyers targeting 72.00 and late-September highs near 72.45.

However, odds supporting the pair’s intermediate pullbacks to 71.20 can’t be denied.

USD/INR daily chart

Trend: bearish