- USD/INR looks to establish a foothold under the key average.
- Technical indicators are aligned in favor of the bears.
The USD/INR pair is currently sidelined below the 100-day Simple Moving Average (SMA) at 74.14, having closed below that technical level for the second straight day on Thursday.
The long upper wick attached to Thursday’s candle indicates a sell-on-the-rise mentality. It validates the bearish view put forward by the 14-day Relative Strength Index’s ascending trendline breakdown and the MACD histogram’s crossover into the negative territory.
As such, the support of the Nov. 9 low of 73.679 stands exposed. The pair needs to close above Thursday’s high of 74.338 to invalidate the bearish view.
At press time, the pair is trading near 74.10, representing a 0.62% loss for the week, having risen by 0.8% last week.
Daily chart
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Trend: Bearish
Technical levels
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