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

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 co  |  11/12/2019 01:59
  • USD/INR has invalidated a five-month uptrend line. 
  • The daily chart indicators are biased bearish. 

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

 

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