USD/INR technical analysis: Recovery torpedoed by inverted bearish hammer
|- USD/INR created a bearish inverted hammer on Tuesday.
- A close above 68.843 is needed to invalidate bearish setup.
USD/INR ticked higher to 68.84 in early trading on Tuesday only to end up creating an inverted bearish hammer.
Notably, the pair ran into offers around the 10-day moving average (MA), reinforcing the bearish bias of that downward sloping technical line.
Therefore, the path of least resistance remains to the downside. USD/INR risks revisiting the March low of 68.35.
The bearish outlook would be invalidated if the spot closes today above the hammer candle's high of 68.84.
Daily chart
Trend: Bearish
Pivot points
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.