USD/INR carved out a red marubozu candle on Wednesday, indicating strong bearish sentiment and scope for continued gains in the Indian rupee.
The pair also violated support of trendline connecting Jan. 4 and Jan. 14 lows with a close at 72.91 on Wednesday. The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index.
As such, the Sept. 1 low of 72.76 could be put to the test soon. On the higher side, a close above the lower high of 73.58 created on Jan. 11 is needed to confirm a short-term bullish reversal.
Daily chart
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Trend: Bearish
Technical levels
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