USD/INR hit a low of 69.435 yesterday before closing at 69.64, having opened at 69.74. Essentially, the currency pair created a hammer candle, which is widely considered an early warning of a bullish reversal. The trend change, however, would be confirmed if the spot closes today above 69.7825 (previous day’s high), validating the hammer candle. A bullish close, if confirmed, would open the doors to 70.30-70.50. That looks likely as the 14-day relative strength index (RSI) is reporting oversold conditions with a below-30 print and the 4-hour chart RSI has diverged in favor of the bulls. Further, the RBI is likely not comfortable with the recent surge in the rupee. The central bank has announced a buy-sell swap aimed at infusing liquidity into the system and capping upside in the INR. Under the plan, the RBI will snap up 5 billion dollars on 26 March for a period of three years and reverse the transaction sales at pre-determined rates via auction. Daily chart Trend: oversold bounce likely 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 Coinbase to link user accounts to its wallet app FX Street 4 years USD/INR hit a low of 69.435 yesterday before closing at 69.64, having opened at 69.74. Essentially, the currency pair created a hammer candle, which is widely considered an early warning of a bullish reversal. The trend change, however, would be confirmed if the spot closes today above 69.7825 (previous day's high), validating the hammer candle. A bullish close, if confirmed, would open the doors to 70.30-70.50. That looks likely as the 14-day relative strength index (RSI) is reporting oversold conditions with a below-30 print and the 4-hour chart RSI has diverged in favor of the bulls. Further,… 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.
