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. 

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

 

 

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