Home USD/INR Technical Analysis: Stronger bounce toward 70.00 likely

USD/INR Technical Analysis: Stronger bounce toward 70.00 likely

Updated: 25 Mar. 2019 | 04:22

USD/INR closed above 69.04 on Friday, validating the bullish outside-day created last Tuesday. The pair also closed above the descending 10-day moving average (10-day MA) aborting the immediate bearish view

Further, it has created a bullish hammer candle on the weekly, which is widely considered an advance warning of a potential trend reversal.

As a result, the spot could find acceptance above the immediate resistance of 69.2325 (January low) and rise toward the psychological hurdle of 70.00 over the next few days.

Daily chart

Trend: Bullish

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