- USD/INR is on the verge of a test of the 74 figure.
- Bears are stepping in and there are prospects for a bearish correction.
USD/INR has been drifting higher towards the 74 level this week. However, the bears are present and there are chances of a restest of the hourly 21-EMA.
USD/INR daily chart
-637680431126343981.png)
The price is stalling a fraction below the 74 area, but the day is young. having said that, should the candle remain bearish by the close, then the focus will be on the wick and a fill of the same in the sessions to follow.
USD/INR bearish prospect
-637680431531680303.png)
The current candle is bearish and represents activity on the lower time frames.
USD/INR hourly chart
-637680431815602439.png)
On the lower time frames, such as the hourly, the price is decelerating and a correction to test the 21-hour moving average could be on the cards for the day ahead.
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