USD/INR Price Analysis: Eyes 200-day SMA support

USD/INR's daily chart shows a descending triangle breakdown.
The bearish pattern has opened the doors for test of 200-day SMA line.

Omkar Godbole FXStreet Contributor

USD/INR looks south with the daily chart reporting a bearish continuation pattern.

The pair fell by 1% on Monday – the biggest single-day decline since April 29 – confirming a downside break of a descending triangle pattern on the daily chart.

The breakdown gained credence on Tuesday as the buyers failed to penetrate the former support-turned-hurdle at 74.50 and indicates that the sell-off from highs near 77.00 seen in April has resumed.

As such, the 200-day simple moving average (SMA), currently at 73.86, could soon come into play.

Supporting the bearish case is the below-50 reading on the 14-day relative strength index and the slow stochastic indicator.

A close above Monday’s high of 74.92 is needed to invalidate the bearish outlook.

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	74.2325
Today Daily Change	-0.0023
Today Daily Change %	-0.00
Today daily open	74.2348

Trends
Daily SMA20	74.8226
Daily SMA50	75.0627
Daily SMA100	75.4534
Daily SMA200	73.8733

Levels
Previous Daily High	74.475
Previous Daily Low	74.0705
Previous Weekly High	75.1452
Previous Weekly Low	74.559
Previous Monthly High	75.6224
Previous Monthly Low	74.5052
Daily Fibonacci 38.2%	74.3205
Daily Fibonacci 61.8%	74.225
Daily Pivot Point S1	74.0452
Daily Pivot Point S2	73.8556
Daily Pivot Point S3	73.6407
Daily Pivot Point R1	74.4497
Daily Pivot Point R2	74.6646
Daily Pivot Point R3	74.8542

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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