USD/INR Technical Analysis: Bears may get better levels

USD/INR fell 0.84 percent yesterday, the biggest single-day drop since Dec. 20, bolstering the already bearish technical setup, as represented by the bearish marubozu reversal and the downward sloping 5- and 10-day moving averages (MAs). 

So, the 200-day MA lined up at 70.41 could be put to test soon, albeit after a minor bounce to 70.65-70.70, as the relative strength indices (RSIs) on the hourly and 4-hour charts are reporting oversold conditions. 

Daily chart

Trend: bearish

    1. R3 71.7625
    2. R2 71.507
    3. R1 71.006
  1. PP 70.7505
    1. S1 70.2495
    2. S2 69.994
    3. S3 69.493


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