USD/INR Technical Analysis: bears trapped on the wrong side of the market

Omkar Godbole FXStreet Contributor

USD/INR's move above 70.00 has trapped the bears on the wrong side of the market. The pair clocked a high of 70.07 earlier today and is now trading at 70.03.

Daily chart

As seen above, the bears have failed twice in the last seven days to capitalize on the daily close below the 200-day MA.

4-hour chart

On the 4-hour chart, the pair is interacting with the upper edge of the falling wedge pattern. A break higher would imply a bullish reversal and open the doors to 71.21 - 50-day MA.

Trend: Bullish

USD/INR

Overview:
    Today Last Price: 70.035
    Today Daily change: 2.2e+3 pips
    Today Daily change %: 0.308%
    Today Daily Open: 69.82
Trends:
    Previous Daily SMA20: 70.4774
    Previous Daily SMA50: 71.2255
    Previous Daily SMA100: 71.8357
    Previous Daily SMA200: 69.772
Levels:
    Previous Daily High: 69.9355
    Previous Daily Low: 69.185
    Previous Weekly High: 70.5255
    Previous Weekly Low: 69.435
    Previous Monthly High: 72.82
    Previous Monthly Low: 69.505
    Previous Daily Fibonacci 38.2%: 69.6488
    Previous Daily Fibonacci 61.8%: 69.4717
    Previous Daily Pivot Point S1: 69.3582
    Previous Daily Pivot Point S2: 68.8963
    Previous Daily Pivot Point S3: 68.6077
    Previous Daily Pivot Point R1: 70.1087
    Previous Daily Pivot Point R2: 70.3973
    Previous Daily Pivot Point R3: 70.8592

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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