USD/INR Technical Analysis: bears trapped on the wrong side of the market
|USD/INR's move above 70.00 has trapped the bears on the wrong side of the market. The pair clocked a high of 70.07 earlier today and is now trading at 70.03.
Daily chart
- As seen above, the bears have failed twice in the last seven days to capitalize on the daily close below the 200-day MA.
4-hour chart
- On the 4-hour chart, the pair is interacting with the upper edge of the falling wedge pattern. A break higher would imply a bullish reversal and open the doors to 71.21 - 50-day MA.
Trend: Bullish
USD/INR
Overview:
Today Last Price: 70.035
Today Daily change: 2.2e+3 pips
Today Daily change %: 0.308%
Today Daily Open: 69.82
Trends:
Previous Daily SMA20: 70.4774
Previous Daily SMA50: 71.2255
Previous Daily SMA100: 71.8357
Previous Daily SMA200: 69.772
Levels:
Previous Daily High: 69.9355
Previous Daily Low: 69.185
Previous Weekly High: 70.5255
Previous Weekly Low: 69.435
Previous Monthly High: 72.82
Previous Monthly Low: 69.505
Previous Daily Fibonacci 38.2%: 69.6488
Previous Daily Fibonacci 61.8%: 69.4717
Previous Daily Pivot Point S1: 69.3582
Previous Daily Pivot Point S2: 68.8963
Previous Daily Pivot Point S3: 68.6077
Previous Daily Pivot Point R1: 70.1087
Previous Daily Pivot Point R2: 70.3973
Previous Daily Pivot Point R3: 70.8592
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