USD/INR’s daily chart shows bearish sentiment is quite strong. The pair could reverse the recent recovery from 3.5-month lows. USD/INR rose to 75.00 on Wednesday, having printed a 3.5-month low of 74.5280 on Monday. The bounce lacks conviction, as suggested by the long upper wicks attached to daily candles representing price action seen on Tuesday and Wednesday, and could be short-lived. Long upper wicks are formed when buyers fail to keep prices at session highs and are indicative of bearish sentiment or sell on the rise mentality. In addition, the hourly chart relative strength index (RSI) is reporting a double top breakdown, a sign the recovery from multi-month lows has ended. The pair could revisit Monday’s low of 74.5280. Acceptance below that level would imply a continuation of the sell-off from highs near 76.40 observed in June and expose the 200-day simple moving average (SMA) support, currently at 73.25. A close above the 100-day SMA at 75.265 would invalidate the bearish setup. Daily chart Trend: Bearish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CNH Price Analysis: Refreshes four-month low on mixed China CPI/PPI FX Street 3 years USD/INR's daily chart shows bearish sentiment is quite strong. The pair could reverse the recent recovery from 3.5-month lows. USD/INR rose to 75.00 on Wednesday, having printed a 3.5-month low of 74.5280 on Monday. The bounce lacks conviction, as suggested by the long upper wicks attached to daily candles representing price action seen on Tuesday and Wednesday, and could be short-lived. Long upper wicks are formed when buyers fail to keep prices at session highs and are indicative of bearish sentiment or sell on the rise mentality. In addition, the hourly chart relative strength index (RSI) is reporting a double… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
