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USD/INR Technical Analysis: Daily chart leans bearish

USD/INR closed well below the 200-day moving average (MA) yesterday, bolstering the bearish setup, as indicated by the range breakdown, descending 5- and 10-day moving averages (MAs) and RSI below 50. 

More importantly, the 200-day MA - now a resistance - has reversed spike seen earlier today, further reinforcing the bearish view. 

The pair, therefore, risks falling below the immediate support at 70.392 (Feb. 13 low). A violation there would expose 70.00. 

A close above the 10-day MA, currently at 70.89, would invalidate the bearish setup. 

Daily chart

Trend: Bearish

    1. R3 71.8535
    2. R2 71.5443
    3. R1 71.011
  1. PP 70.7018
    1. S1 70.1685
    2. S2 69.8593
    3. S3 69.326

Author

Omkar Godbole

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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