USD/INR Price Analysis: On the defensive after bearish marubozu

USD/INR risks falling to 100-day SMA support at 74.68.
Daily chart shows a bearish candlestick pattern and a failed breakout.

Omkar Godbole FXStreet Contributor

USD/INR's daily chart is reporting bearish developments.

To start with, the pair formed a bearish marubozu candle on Thursday. It occurs when sellers control the price action from opening bell to closing bell and is reflective of strong bearish sentiment.

Further, the pair has fallen back inside the symmetrical triangle, which was breached to the higher side earlier this month. Chart analysts consider failed breakout as a powerful bearish signal.

The pair risks falling to the 100-day simple moving average at 74.68. On the higher side, a close above the recent high of 76.33 (June 16 high) is needed to put the bulls back into the driver's seat.

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	75.5318
Today Daily Change	0.0168
Today Daily Change %	0.02
Today daily open	75.515

Trends
Daily SMA20	75.7369
Daily SMA50	75.8022
Daily SMA100	74.9066
Daily SMA200	73.0584

Levels
Previous Daily High	75.765
Previous Daily Low	75.5
Previous Weekly High	76.5076
Previous Weekly Low	75.785
Previous Monthly High	76.1945
Previous Monthly Low	75.0489
Daily Fibonacci 38.2%	75.6013
Daily Fibonacci 61.8%	75.6638
Daily Pivot Point S1	75.4217
Daily Pivot Point S2	75.3284
Daily Pivot Point S3	75.1567
Daily Pivot Point R1	75.6867
Daily Pivot Point R2	75.8584
Daily Pivot Point R3	75.9517

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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