USD/INR Technical Analysis: teasing a double top bearish reversal

The USDINR pair is charting a double top pattern with a neckline at 71.525, the daily chart shows. A close below that level would confirm a short-term bullish-to-bearish trend change and allow drop to 70.15 (target as per the measured move method).
The pair could drop below the neckline support in a day or two on risk rebound. Further, Indian government is reportedly considering measures like dollar window for oil firms, NRI bonds.
The bearish pattern may fail to produce the desired result if the Trump administration shrugs off China's measured response to new tariffs and fires another shot in the trade war with the world's second-largest economy.
A double bottom breakdown may remain elusive if the 10-year treasury yield rises above the weekly high of 3.10 percent.

Omkar Godbole FXStreet Contributor

Daily Chart

Spot Rate: 71.85

Daily High: 71.9475

Daily Low: 71.82

Trend: Cautiously bearish

Resistance

R1: 71.9475 (daily high)

R2: 72.30 (resistance as per the hourly chart)

R3: 72.98 (record high)

Support

S1: 71.525 (neckline)

S2: 70.15 (double top breakdown target)

S3: 70.00 (psychological level)

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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