The USD/INR pair is currently trading at 71.06, having faced rejection at 71.50 four times in the last nine days. As a result, 71.50 is the level to beat for the bulls.
A close above that would signal a continuation of the rally from the Jan. 7 low of 69.185 and allow a rally to levels above 72.00 – more so, as the 14-day relative strength index (RSI) of 55.00 is biased bullish and well short of the overbought territory.
Daily chart
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As seen above, the pair created a doji candle on Friday. A close below 70.86 (low of Doji candle) today would validate the repeated failure at the falling trendline and open the doors to a deeper sell-off toward 70.40.
Trend: Bullish above 71.50
USD/INR
Overview:
Today Last Price: 71.075
Today Daily change: 10 pips
Today Daily change %: 0.14%
Today Daily Open: 70.975
Trends:
Daily SMA20: 70.5493
Daily SMA50: 70.7
Daily SMA100: 71.8468
Daily SMA200: 70.1641
Levels:
Previous Daily High: 71.2455
Previous Daily Low: 70.865
Previous Weekly High: 71.535
Previous Weekly Low: 70.865
Previous Monthly High: 72.82
Previous Monthly Low: 69.505
Daily Fibonacci 38.2%: 71.1001
Daily Fibonacci 61.8%: 71.0104
Daily Pivot Point S1: 70.8115
Daily Pivot Point S2: 70.648
Daily Pivot Point S3: 70.431
Daily Pivot Point R1: 71.192
Daily Pivot Point R2: 71.409
Daily Pivot Point R3: 71.5725
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