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


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

 

 

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