The Indian rupee’s near 90-degree surge continues with the USD/INR pair hitting a 7-month low of 69.10 today. As of writing, the pair is trading at 69.28. The path of least resistance remains to be the downside, as represented by the downward sloping 5- and 10-day moving averages (MAs) and bearish lower highs and lower lows on the daily chart. What’s more, the spot closed below 69.43 yesterday, invalidating the hammer created on Wednesday. That said, the 14-day relative strength index (RSI) is now reporting oversold conditions with a below-30 print. Add to that the fact that the RSI on the 4-hour chart has again not confirmed the lower low on price chart (bullish divergence continues). So, a corrective bounce, possibly to the downward sloping 50-hour moving average, currently at 69.65, cannot be ruled out. The probability of an oversold bounce would rise further if the sellers repeatedly fail to keep the pair below the crucial support of 69.2325 (Jan. 7 low). Daily chart 4-hour chart Trend: Oversold 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/JPY Technical Analysis: Diamond pattern on hourly chart FX Street 4 years The Indian rupee's near 90-degree surge continues with the USD/INR pair hitting a 7-month low of 69.10 today. As of writing, the pair is trading at 69.28. The path of least resistance remains to be the downside, as represented by the downward sloping 5- and 10-day moving averages (MAs) and bearish lower highs and lower lows on the daily chart. What's more, the spot closed below 69.43 yesterday, invalidating the hammer created on Wednesday. That said, the 14-day relative strength index (RSI) is now reporting oversold conditions with a below-30 print. Add to that the fact that the… 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.
