USD/INR Price Analysis: Focus on trendline support after biggest weekly decline since December 2018


  • USD/INR fell by 2.41% last week, the biggest weekly drop since December 2017. 
  • The weekly chart suggests scope for a sell-off to rising trendline support. 

USD/INR looks south, having carved out a bearish marubozu candle last week with a 2.41% drop. That is the biggest weekly decline since December 2018. 

A bearish marubozu candle occurs when trades control the price action from day's open to close. In other words, the bearish marubozu signals the market's determination to dominantly trade in the downward direction.

As such, a drop to the trendline connecting January 2018 and July 2019 lows looks likely. At press time, the trendline support is located at 72.1820. 

Supporting the bearish case is the descending 5- and 10-day simple moving averages (SMA) and a violation of the 50-week SMA. 

Indeed, the daily chart indicators are reporting oversold conditions. Hence, a temporary bounce may be seen before a decline to the 2-1/2-year-long rising trendline. 

Weekly chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price 73.375
Today Daily Change 0.2465
Today Daily Change % 0.34
Today daily open 73.1285
 
Trends
Daily SMA20 74.6432
Daily SMA50 74.9062
Daily SMA100 75.385
Daily SMA200 73.9025
 
Levels
Previous Daily High 73.8566
Previous Daily Low 73.1025
Previous Weekly High 74.955
Previous Weekly Low 73.1025
Previous Monthly High 75.6224
Previous Monthly Low 74.5052
Daily Fibonacci 38.2% 73.3906
Daily Fibonacci 61.8% 73.5686
Daily Pivot Point S1 72.8685
Daily Pivot Point S2 72.6084
Daily Pivot Point S3 72.1143
Daily Pivot Point R1 73.6226
Daily Pivot Point R2 74.1167
Daily Pivot Point R3 74.3768

 

 

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