USD/INR Price Analysis: Indian rupee eyes gains

Omkar Godbole FXStreet Contributor

USD/INR carved out a red marubozu candle on Wednesday, indicating strong bearish sentiment and scope for continued gains in the Indian rupee.

The pair also violated support of trendline connecting Jan. 4 and Jan. 14 lows with a close at 72.91 on Wednesday. The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index.

As such, the Sept. 1 low of 72.76 could be put to the test soon. On the higher side, a close above the lower high of 73.58 created on Jan. 11 is needed to confirm a short-term bullish reversal.

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	72.9496
Today Daily Change	0.0367
Today Daily Change %	0.05
Today daily open	72.9129

Trends
Daily SMA20	73.2495
Daily SMA50	73.6467
Daily SMA100	73.6628
Daily SMA200	74.4793

Levels
Previous Daily High	73.1965
Previous Daily Low	72.8916
Previous Weekly High	73.569
Previous Weekly Low	72.9795
Previous Monthly High	74.1215
Previous Monthly Low	72.9768
Daily Fibonacci 38.2%	73.0081
Daily Fibonacci 61.8%	73.08
Daily Pivot Point S1	72.8042
Daily Pivot Point S2	72.6955
Daily Pivot Point S3	72.4993
Daily Pivot Point R1	73.109
Daily Pivot Point R2	73.3052
Daily Pivot Point R3	73.4139

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.