USD/INR technical analysis: Bearish Marubozu spotted on daily chart amid India stimulus hopes


  • USD/INR weakens amid talks of Indian officials readying measures to boost economic growth.
  • 50 and 100-day EMAs join key Fibonacci retracement levels to offer strong downside supports.

Given the Reuters’ report of Indian diplomats preparing for a stimulus, USD/INR flashes a bearish candlestick formation on daily chart while declining to 71.09 ahead of Friday’s European open.

The bearish pattern increases the odds of pair’s drop to 70.95/90 support-confluence including 38.2% Fibonacci retracement of July-September upside and 50-day exponential moving average (EMA), a break of which can push sellers towards another important support joint around 70.45/40 comprising 100-day EMA and 50% Fibonacci retracement.

In a case where the quote keeps trading southwards below 70.40, June month high near 70.10 will lure bears.

On the contrary, an upside clearance of 23.6% Fibonacci retracement, at 71.60, could trigger fresh advances of the pair targeting weekly tops near 72.33 and monthly top nearing 72.63.

USD/INR daily chart

Trend: Further declines expected

additional important levels

Overview
Today last price 71.0865
Today Daily Change -0.3060
Today Daily Change % -0.43%
Today daily open 71.3925
 
Trends
Daily SMA20 71.6461
Daily SMA50 70.6641
Daily SMA100 70.05
Daily SMA200 70.124
 
Levels
Previous Daily High 71.5525
Previous Daily Low 71.0492
Previous Weekly High 72.19
Previous Weekly Low 70.8495
Previous Monthly High 72.375
Previous Monthly Low 68.849
Daily Fibonacci 38.2% 71.3603
Daily Fibonacci 61.8% 71.2415
Daily Pivot Point S1 71.1103
Daily Pivot Point S2 70.8282
Daily Pivot Point S3 70.6071
Daily Pivot Point R1 71.6136
Daily Pivot Point R2 71.8347
Daily Pivot Point R3 72.1168

 

 

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