USD/INR technical analysis: Recovery torpedoed by inverted bearish hammer

USD/INR created a bearish inverted hammer on Tuesday.
A close above 68.843 is needed to invalidate bearish setup.

Omkar Godbole FXStreet Contributor

USD/INR ticked higher to 68.84 in early trading on Tuesday only to end up creating an inverted bearish hammer.

Notably, the pair ran into offers around the 10-day moving average (MA), reinforcing the bearish bias of that downward sloping technical line.

Therefore, the path of least resistance remains to the downside. USD/INR risks revisiting the March low of 68.35.

The bearish outlook would be invalidated if the spot closes today above the hammer candle's high of 68.84.

Daily chart

Trend: Bearish

Pivot points

1. R3 69.2625
2. R2 69.08
3. R1 68.815
PP 68.6325
1. S1 68.3675
2. S2 68.185
3. S3 67.92

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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