USD/INR Technical Analysis: bears trapped on the wrong side of the market

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USD/INR’s move above 70.00 has trapped the bears on the wrong side of the market. The pair clocked a high of 70.07 earlier today and is now trading at 70.03.

Daily chart

  • As seen above, the bears have failed twice in the last seven days to capitalize on the daily close below the 200-day MA.

4-hour chart

  • On the 4-hour chart, the pair is interacting with the upper edge of the falling wedge pattern. A break higher would imply a bullish reversal and open the doors to 71.21 – 50-day MA.

Trend: Bullish

USD/INR

Overview:
    Today Last Price: 70.035
    Today Daily change: 2.2e+3 pips
    Today Daily change %: 0.308%
    Today Daily Open: 69.82
Trends:
    Previous Daily SMA20: 70.4774
    Previous Daily SMA50: 71.2255
    Previous Daily SMA100: 71.8357
    Previous Daily SMA200: 69.772
Levels:
    Previous Daily High: 69.9355
    Previous Daily Low: 69.185
    Previous Weekly High: 70.5255
    Previous Weekly Low: 69.435
    Previous Monthly High: 72.82
    Previous Monthly Low: 69.505
    Previous Daily Fibonacci 38.2%: 69.6488
    Previous Daily Fibonacci 61.8%: 69.4717
    Previous Daily Pivot Point S1: 69.3582
    Previous Daily Pivot Point S2: 68.8963
    Previous Daily Pivot Point S3: 68.6077
    Previous Daily Pivot Point R1: 70.1087
    Previous Daily Pivot Point R2: 70.3973
    Previous Daily Pivot Point R3: 70.8592

 

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