USD/INR Technical Analysis: Trapped between key MAs, bull above 71.82

USD/INR is currently trading at 71.28, having seen a strong bounce from the 200-day moving average (MA) on Wednesday. The upside was capped by the 100-day MA earlier this month. As of writing, the 200- and 100-day MAs are located at 70.47 and 71.69. 

While the quick recovery from the 200-week MA has neutralized the immediate bearish setup, a move above the bearish lower high of 71.82 is needed to confirm a bullish reversal. That would expose resistance levels lined up at 72.55 (Dec. 10 high) and 73.07 (Nov. 12 high). 

Daily chart

Trend: Neutral