USD/INR Technical Analysis: Wednesday's close pivotal

Monday's candlestick has weakened the immediate bullish case.
A close above Monday's high of 71.8090 is needed to revive the bullish setup.

Omkar Godbole FXStreet Contributor

USD/INR created an inside day candlestick pattern on Monday, signaling indecision in the market place.

The candlestick pattern has weakened the immediate bullish view put forward by Friday's falling channel breakout.

A close above 71.81 (inside day's high) would imply the indecision or consolidation has ended with a bullish breakout. Put simply, it would signal a continuation of the rally from the Nov. 28 low of 71.2490 and open the doors for a convincing move above 72.00.

On the flip side, acceptance below the inside day's low of 71.6190 may attract stronger selling pressure.

A bullish close looks likely as the Indian equities are likely to post losses, tracking the decline in the US stocks.

Daily chart

Trend: Neutral

Technical levels

USD/INR

Overview
Today last price	71.715
Today Daily Change	0.0811
Today Daily Change %	0.11
Today daily open	71.6339

Trends
Daily SMA20	71.5895
Daily SMA50	71.2262
Daily SMA100	70.994
Daily SMA200	70.2363

Levels
Previous Daily High	71.945
Previous Daily Low	71.5885
Previous Weekly High	71.8815
Previous Weekly Low	71.2255
Previous Monthly High	72.37
Previous Monthly Low	70.4975
Daily Fibonacci 38.2%	71.7247
Daily Fibonacci 61.8%	71.8088
Daily Pivot Point S1	71.4999
Daily Pivot Point S2	71.366
Daily Pivot Point S3	71.1434
Daily Pivot Point R1	71.8564
Daily Pivot Point R2	72.079
Daily Pivot Point R3	72.2129

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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