USD/INR Price Analysis: Turns lower from descending trendline hurdle

USD/INR reports losses after rejection at falling trendline resistance.
SMA studies and RSI signal a bearish bias.

Omkar Godbole FXStreet Contributor

USD/INR's CFD is currently trading at 74.50, representing a 0.16% gain on the day.

The daily chart shows the pair is flashing red, having failed to take out the resistance of the trendline connecting June 16 and July 14 highs on Tuesday and Wednesday.

That coupled with a below-50 or bearish reading on the 14-day relative strength index and a bearish crossover of the 50- and 100-day simple moving averages (SMAs) suggests scope for a fresh drop toward the July 6 low of 73.83.

The bearish bias would be invalidated if the spot rises above the descending trendline hurdle. That said, a move above the lower high of 75.36 created on July 14 is needed to confirm a bullish reversal.

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	74.8766
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	74.8766

Trends
Daily SMA20	74.9065
Daily SMA50	75.3739
Daily SMA100	75.5593
Daily SMA200	73.5551

Levels
Previous Daily High	74.9558
Previous Daily Low	74.813
Previous Weekly High	75.0026
Previous Weekly Low	74.5052
Previous Monthly High	76.5076
Previous Monthly Low	74.9786
Daily Fibonacci 38.2%	74.8676
Daily Fibonacci 61.8%	74.9013
Daily Pivot Point S1	74.8078
Daily Pivot Point S2	74.739
Daily Pivot Point S3	74.6649
Daily Pivot Point R1	74.9506
Daily Pivot Point R2	75.0246
Daily Pivot Point R3	75.0934

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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