USD/INR Technical Analysis: Bull outside-day invalidates immediate bearish setup

Omkar Godbole FXStreet Contributor

USD/INR clocked a high and low of 69.04 and 68.35, respectively, on Tuesday before closing at 69.01. Essentially, the pair created a bullish outside-day candle - the day began on a pessimistic note, but ended with optimism.

So, the immediate bearish setup, as indicated by the downward sloping 5- and 10-day moving averages (MAs) and lower highs, lower lows stands neutralized.

A short-term bullish reversal would be confirmed if the spot closes today above 69.04 - the high of the bullish outside-day. That looks likely as the 14-day relative strength index (RSI) is still reporting oversold conditions.

That said, a close below 68.35 - the low of the bullish outside-day - would signal a continuation of the sell-off, although, with oil rallying, the downside looks limited.

Daily chart

Trend: Bullish

USD/INR

Overview
Today last price	69.02
Today Daily Change	-
Today Daily Change %	-
Today daily open	69.0105

Trends
Daily SMA20	70.2496
Daily SMA50	70.7552
Daily SMA100	70.9548
Daily SMA200	70.7906

Levels
Previous Daily High	69.199
Previous Daily Low	68.3415
Previous Weekly High	70.22
Previous Weekly Low	68.917
Previous Monthly High	71.915
Previous Monthly Low	70.105
Daily Fibonacci 38.2%	68.8714
Daily Fibonacci 61.8%	68.6691
Daily Pivot Point S1	68.5017
Daily Pivot Point S2	67.9928
Daily Pivot Point S3	67.6442
Daily Pivot Point R1	69.3592
Daily Pivot Point R2	69.7078
Daily Pivot Point R3	70.2167

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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