USD/INR Technical Analysis: Five-month rising trendline breached
|- USD/INR has invalidated a five-month uptrend line.
- The daily chart indicators are biased bearish.
USD/INR has breached a five-month uptrend line and could bring in deeper support levels into play with the daily chart indicators reporting bearish conditions.
The pair closed at 70.90 on Monday, violating the trendline connecting July 11 and Nov. 1 lows and dropped further to 70.77 on Tuesday, cementing the breakdown.
The 14-day relative strength index is hovering in bearish territory below 50 and the MACD histogram is printing deeper bars below the zero line – a sign of strengthening downside momentum.
The pair appears on track to test support at 70.31 (Nov. 1 low).
While corrective spikes cannot be ruled out in the event of strong oil price rise, the bearish technical outlook would be invalidated only if the pair closes above the descending 10-day average, currently at 71.26.
Daily chart
Trend: Bearish
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.