- USD/INR looks to establish a foothold under the key average.
- Technical indicators are aligned in favor of the bears.
The USD/INR pair is currently sidelined below the 100-day Simple Moving Average (SMA) at 74.14, having closed below that technical level for the second straight day on Thursday.
The long upper wick attached to Thursday's candle indicates a sell-on-the-rise mentality. It validates the bearish view put forward by the 14-day Relative Strength Index's ascending trendline breakdown and the MACD histogram's crossover into the negative territory.
As such, the support of the Nov. 9 low of 73.679 stands exposed. The pair needs to close above Thursday's high of 74.338 to invalidate the bearish view.
At press time, the pair is trading near 74.10, representing a 0.62% loss for the week, having risen by 0.8% last week.
|Today last price||74.1266|
|Today Daily Change||0.0160|
|Today Daily Change %||0.02|
|Today daily open||74.1106|
|Previous Daily High||74.3274|
|Previous Daily Low||74.0856|
|Previous Weekly High||74.795|
|Previous Weekly Low||73.6492|
|Previous Monthly High||74.693|
|Previous Monthly Low||72.9572|
|Daily Fibonacci 38.2%||74.178|
|Daily Fibonacci 61.8%||74.235|
|Daily Pivot Point S1||74.0216|
|Daily Pivot Point S2||73.9326|
|Daily Pivot Point S3||73.7797|
|Daily Pivot Point R1||74.2635|
|Daily Pivot Point R2||74.4164|
|Daily Pivot Point R3||74.5054|
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