The USD/INR pair managed to avoid a break below 71.00 for two straight days, but the probability of a deeper drop below that psychological level still remains high as the resistance at 71.29 (low of the Thursday’s bearish marubozu candle) is intact. Daily chart The 5-day moving average (MA) has crossed the 10-day MA from above, reinforcing the bearish view put forward by the bearish marubozu candle carved out last Thursday. The pair, therefore, risks falling to 70.84 (50-day moving average). A close above 71.29 would invalidate the bearish setup. 4-hour chart The rising wedge breakdown, as seen in the chart above, also supports the bearish view put forward by the daily chart. Hourly chart The pair may revisit 71.20 if the RSI finds acceptance above the falling trendline. That bounce, however, could be short-lived, courtesy of the bearish setup on the daily chart. Trend: bearish 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 GBP/USD: Comments from BoE’s Carney awaited after the UK GDP’s miss FX Street 3 years The USD/INR pair managed to avoid a break below 71.00 for two straight days, but the probability of a deeper drop below that psychological level still remains high as the resistance at 71.29 (low of the Thursday's bearish marubozu candle) is intact. Daily chart The 5-day moving average (MA) has crossed the 10-day MA from above, reinforcing the bearish view put forward by the bearish marubozu candle carved out last Thursday. The pair, therefore, risks falling to 70.84 (50-day moving average). A close above 71.29 would invalidate the bearish setup. 4-hour chart The rising wedge breakdown, as… 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.
