- USD/INR's bounce lacks momentum to pierce key SMA hurdle.
- The weekly chart suggests scope for a deeper drop to a multi-year rising trendline.
USD/INR is again having a tough time scaling the descending 5-week simple moving average (SMA) hurdle.
The pair jumped by 0.29% on Tuesday but failed to keep gains above the 5-week SMA at 73.677. The average also capped the upside last week.
Another failure to beat the bearish MA line would reinforce the negative outlook put forward by the bearish marubozu candle created in the third week of August and shift risk in favor of a drop to the ascending trendline rising from January 2018 lows.
At press time, the rising trendline support is located at 72.34. The below-50 reading on the 14-week relative strength supports the bearish case.
A convincing move above the descending 10-week SMA, currently at 74.27, is needed to invalidate the negative outlook.
|Today last price||73.585|
|Today Daily Change||-0.0104|
|Today Daily Change %||-0.01|
|Today daily open||73.5954|
|Previous Daily High||73.7091|
|Previous Daily Low||73.3338|
|Previous Weekly High||73.9592|
|Previous Weekly Low||73.0134|
|Previous Monthly High||75.2959|
|Previous Monthly Low||73.058|
|Daily Fibonacci 38.2%||73.5657|
|Daily Fibonacci 61.8%||73.4771|
|Daily Pivot Point S1||73.383|
|Daily Pivot Point S2||73.1707|
|Daily Pivot Point S3||73.0077|
|Daily Pivot Point R1||73.7584|
|Daily Pivot Point R2||73.9214|
|Daily Pivot Point R3||74.1337|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.