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Forex news

Analysis Team
November 5, 2020
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  • USD/INR looks south after rejection at a multi-month descending trendline. 
  • Failure to beat the technical hurdle is backed by a bearish outside day candle.

USD/INR is currently trading largely unchanged on the day near 74.23.

On Wednesday, the pair failed to take out resistance of the trendline falling from April 21 and June 16 highs and carved out a big bearish outside day candle. The price action indicates the bounce from October lows near 73.00 has ended and the broader decline has resumed.

As such, Wednesday’s low of 74.19 could be breached. That would only validate the bearish outside day candle and could invite stronger chart-driven selling, yielding a deeper decline to 73.50.

Alternatively, a close above Wednesday’s high of 74.91 would confirm a bearish-to-bullish trend change.

DAILY CHART

Trend: Bearish

Technical levels

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