USD/INR Technical Analysis: Eyes support of 7-month-long rising trendline

The USD/INR is currently trading at 71.97, having clocked a 7.5-week low of 71.79 earlier today.
The daily chart is flashing bearish lower highs and lower lows pattern in the last four weeks.
The 5- and 10-day EMAs are trending south, indicating a bearish setup. Also, the 5-day and 50-day EMAs have produced a bearish crossover.
The 14-day relative strength index (RSI) of 40.00 is biased toward the bears.
Hence, the pair could test the support of the trendline connecting the April 10 and Aug. 9 lows, currently at 71.34, in the next few days.
A daily close above the 10-day EMA would abort the bearish view and may yield consolidation.

Omkar Godbole FXStreet Contributor

Daily Chart

Trend: Bearish

USD/INR

Overview:
    Last Price: 72.14
    Daily change: -1.7e+3 pips
    Daily change: -0.235%
    Daily Open: 72.31
Trends:
    Daily SMA20: 73.1548
    Daily SMA50: 72.9877
    Daily SMA100: 71.1122
    Daily SMA200: 68.6145
Levels:
    Daily High: 72.88
    Daily Low: 72.31
    Weekly High: 73.154
    Weekly Low: 72.34
    Monthly High: 74.504
    Monthly Low: 72.525
    Daily Fibonacci 38.2%: 72.5277
    Daily Fibonacci 61.8%: 72.6623
    Daily Pivot Point S1: 72.12
    Daily Pivot Point S2: 71.93
    Daily Pivot Point S3: 71.55
    Daily Pivot Point R1: 72.69
    Daily Pivot Point R2: 73.07
    Daily Pivot Point R3: 73.26

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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