USD/INR Technical Analysis: 70.88 is the level to beat for the bulls

USD/INR created an inverted hammer on Friday, neutralizing the immediate bearish setup.
A close above the hammer's high of 70.88 is needed to confirm a bullish reversal.

Omkar Godbole FXStreet Contributor

USD/INR created an inverted hammer candlestick pattern on Friday, snapping a four-day losing streak.

The inverted hammer comprises a small real body, an extended upper wick. The candle's upper wick indicates the bulls are looking to drive the price upwards.

As a result, the inverted hammer is considered a sign of bullish reversal, especially if it appears following a notable sell-off.

In USD/INR's case, it has appeared following a drop from 71.86 to 70.53.

The bearish-to-bullish trend change, however, would be confirmed if the spot closes today above 70.88 (inverted hammer's high).

So, Friday's high is the level to beat for the bulls. On the flip side, a break below Friday's low of 70.53 is needed to revive the bearish view.

Daily chart

Trend: Bullish above 70.88

Technical levels

USD/INR

Overview
Today last price	70.7375
Today Daily Change	0.0480
Today Daily Change %	0.07
Today daily open	70.6895

Trends
Daily SMA20	71.3941
Daily SMA50	71.2481
Daily SMA100	71.1887
Daily SMA200	70.2551

Levels
Previous Daily High	70.97
Previous Daily Low	70.485
Previous Weekly High	71.2852
Previous Weekly Low	70.328
Previous Monthly High	72.37
Previous Monthly Low	70.4975
Daily Fibonacci 38.2%	70.7847
Daily Fibonacci 61.8%	70.6703
Daily Pivot Point S1	70.4597
Daily Pivot Point S2	70.2298
Daily Pivot Point S3	69.9747
Daily Pivot Point R1	70.9447
Daily Pivot Point R2	71.1998
Daily Pivot Point R3	71.4297

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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