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. 

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

 

 

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