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.
|Today last price||69.02|
|Today Daily Change||-|
|Today Daily Change %||-|
|Today daily open||69.0105|
|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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