USD/INR Price Analysis: Monday’s Doji indicates indecision

USD/INR charted a Doji candle on Monday, neutralizing the immediate bearish view.
A close above Monday's high is needed to confirm a bullish reversal.

Omkar Godbole FXStreet Contributor

USD/INR created a Doji candle on Monday, which comprises long wicks and a small body. The wicks represent a two-way business and the small body represents flat close.

As a result, the Doji candle is considered a sign of indecision in the marketplace. USD/INR has charted a Doji candle at 3.5-month lows. As such, one may argue that the indecision is predominantly among sellers.

The Doji, therefore, indicates bearish exhaustion. However, while the immediate bearish outlook stands neutralized, the outlook would turn bullish only if the pair ends Tuesday above Monday’s high of 74.8180.

Alternatively, a close below Monday’s low of 74.5280 would imply a continuation of the sell-off from the June 16 high of 76.42 and shift risk in favor of a drop to 74.00.

Daily chart

Trend: Neutral

Technical levels

USD/INR

Overview
Today last price	74.6352
Today Daily Change	0.0322
Today Daily Change %	0.04
Today daily open	74.603

Trends
Daily SMA20	75.655
Daily SMA50	75.6295
Daily SMA100	75.172
Daily SMA200	73.2081

Levels
Previous Daily High	74.795
Previous Daily Low	74.525
Previous Weekly High	75.645
Previous Weekly Low	74.605
Previous Monthly High	76.5076
Previous Monthly Low	74.9786
Daily Fibonacci 38.2%	74.6281
Daily Fibonacci 61.8%	74.6919
Daily Pivot Point S1	74.487
Daily Pivot Point S2	74.371
Daily Pivot Point S3	74.217
Daily Pivot Point R1	74.757
Daily Pivot Point R2	74.911
Daily Pivot Point R3	75.027

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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