USD/INR Technical Analysis: Stronger bounce toward 70.00 likely

Omkar Godbole FXStreet Contributor

USD/INR closed above 69.04 on Friday, validating the bullish outside-day created last Tuesday. The pair also closed above the descending 10-day moving average (10-day MA) aborting the immediate bearish view

Further, it has created a bullish hammer candle on the weekly, which is widely considered an advance warning of a potential trend reversal.

As a result, the spot could find acceptance above the immediate resistance of 69.2325 (January low) and rise toward the psychological hurdle of 70.00 over the next few days.

Daily chart

Trend: Bullish

1. R3 70.1725
2. R2 69.715
3. R1 69.45
PP 68.9925
1. S1 68.7275
2. S2 68.27
3. S3 68.005

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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