USD/INR’s weekly candles with long upper wicks are signaling buyer exhaustion. A pullback could be in the offing, possibly to levels below 71.50. Indian Rupee will likely post gains on the first trading day of the week, as USD/INR’s bounce from 70.55 seems to have run out of steam. The back-to-back weekly candles with long upper shadows are indicating buyer exhaustion. The shallow bars on the MACD histogram are also echoing similar sentiments. Further, the pair created an inside week candlestick pattern last week, which occurs when a specific period’s trading range falls within the preceding period’s high and low. The candlestick pattern is widely considered a sign of indecision in the market place. In this case, it has appeared following a failure to hold above 72.00 and after a bounce from 70.55 and represents indecision among the bulls. In such situations, markets usually test dip demand. Therefore, the pair may drop to support at 71.46 on Monday. A break above the previous week’s high of 72.00 may invite buying pressure. USD/INR closed at 71.785 on Friday. Weekly chart Trend: Pullback likely Technical levels 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 AUD/USD pulls back from 1-week-low as trade sentiment turns positive FX Street 3 years USD/INR's weekly candles with long upper wicks are signaling buyer exhaustion. A pullback could be in the offing, possibly to levels below 71.50. Indian Rupee will likely post gains on the first trading day of the week, as USD/INR's bounce from 70.55 seems to have run out of steam. The back-to-back weekly candles with long upper shadows are indicating buyer exhaustion. The shallow bars on the MACD histogram are also echoing similar sentiments. Further, the pair created an inside week candlestick pattern last week, which occurs when a specific period's trading range falls within the preceding period's high and… 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.
