USD/INR Price Analysis: On the defensive after bearish marubozu

• USD/INR risks falling to 100-day SMA support at 74.68. 
• Daily chart shows a bearish candlestick pattern and a failed breakout.

USD/INR’s daily chart is reporting bearish developments. 

To start with, the pair formed a bearish marubozu candle on Thursday. It occurs when sellers control the price action from opening bell to closing bell and is reflective of strong bearish sentiment.

Further, the pair has fallen back inside the symmetrical triangle, which was breached to the higher side earlier this month. Chart analysts consider failed breakout as a powerful bearish signal. 

The pair risks falling to the 100-day simple moving average at 74.68. On the higher side, a close above the recent high of 76.33 (June 16 high) is needed to put the bulls back into the driver’s seat. 

Daily chart

Trend: Bearish

Technical levels