USD/INR Technical Analysis: Wednesday's close pivotal
|- Monday's candlestick has weakened the immediate bullish case.
- A close above Monday's high of 71.8090 is needed to revive the bullish setup.
USD/INR created an inside day candlestick pattern on Monday, signaling indecision in the market place.
The candlestick pattern has weakened the immediate bullish view put forward by Friday's falling channel breakout.
A close above 71.81 (inside day's high) would imply the indecision or consolidation has ended with a bullish breakout. Put simply, it would signal a continuation of the rally from the Nov. 28 low of 71.2490 and open the doors for a convincing move above 72.00.
On the flip side, acceptance below the inside day's low of 71.6190 may attract stronger selling pressure.
A bullish close looks likely as the Indian equities are likely to post losses, tracking the decline in the US stocks.
Daily chart
Trend: Neutral
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.