USD/INR Technical Analysis: Five-month rising trendline breached

USD/INR has invalidated a five-month uptrend line.
The daily chart indicators are biased bearish.

Omkar Godbole FXStreet Contributor

USD/INR has breached a five-month uptrend line and could bring in deeper support levels into play with the daily chart indicators reporting bearish conditions.

The pair closed at 70.90 on Monday, violating the trendline connecting July 11 and Nov. 1 lows and dropped further to 70.77 on Tuesday, cementing the breakdown.

The 14-day relative strength index is hovering in bearish territory below 50 and the MACD histogram is printing deeper bars below the zero line – a sign of strengthening downside momentum.

The pair appears on track to test support at 70.31 (Nov. 1 low).

While corrective spikes cannot be ruled out in the event of strong oil price rise, the bearish technical outlook would be invalidated only if the pair closes above the descending 10-day average, currently at 71.26.

Daily chart

Trend: Bearish

Technical levels

USD/INR

Overview
Today last price	70.8725
Today Daily Change	0.0523
Today Daily Change %	0.07
Today daily open	70.8202

Trends
Daily SMA20	71.59
Daily SMA50	71.2704
Daily SMA100	71.1395
Daily SMA200	70.2474

Levels
Previous Daily High	71.18
Previous Daily Low	70.785
Previous Weekly High	71.98
Previous Weekly Low	71.1775
Previous Monthly High	72.37
Previous Monthly Low	70.4975
Daily Fibonacci 38.2%	70.9359
Daily Fibonacci 61.8%	71.0291
Daily Pivot Point S1	70.6768
Daily Pivot Point S2	70.5334
Daily Pivot Point S3	70.2818
Daily Pivot Point R1	71.0718
Daily Pivot Point R2	71.3234
Daily Pivot Point R3	71.4668

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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