USD/INR Price Analysis: 74 the figure remains in focus

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.

Ross J Burland FXStreet

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

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

The current candle is bearish and represents activity on the lower time frames.

USD/INR hourly chart

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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