USD/INR Technical Analysis: bearish bias intact

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The USD/INR pair managed to avoid a break below 71.00 for two straight days, but the probability of a deeper drop below that psychological level still remains high as the resistance at 71.29 (low of the Thursday's bearish marubozu candle) is intact. 

Daily chart


	USD/INR Technical Analysis: bearish bias intact

The 5-day moving average (MA) has crossed the 10-day MA from above, reinforcing the bearish view put forward by the bearish marubozu candle carved out last Thursday. 

The pair, therefore, risks falling to 70.84 (50-day moving average). A close above 71.29 would invalidate the bearish setup. 

4-hour chart


	USD/INR Technical Analysis: bearish bias intact

The rising wedge breakdown, as seen in the chart above, also supports the bearish view put forward by the daily chart. 

Hourly chart


	USD/INR Technical Analysis: bearish bias intact

The pair may revisit 71.20 if the RSI finds acceptance above the falling trendline. That bounce, however, could be short-lived, courtesy of the bearish setup on the daily chart. 

Trend: bearish

    1. R3 71.599
    2. R2 71.452
    3. R1 71.3385
  1. PP 71.1915
    1. S1 71.078
    2. S2 70.931
    3. S3 70.8175

Updated Feb 11, 00:00 GMT

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