USD/INR Price Analysis: Upside favored after Tuesday's bullish hammer
- USD/INR could revisit the psychological hurdle of 75.00.
- Sellers failed to keep the pair below 74.30 on Tuesday.
USD/INR formed a classic bullish hammer on Tuesday, which occurs when an asset reverses intraday losses and ends the day with gains.
The pair found bids below 74.30 on Tuesday and closed 0.12% higher on the day at 74.71.
The bullish hammer shows that sellers came into the market, pushing the spot lower, but by the close, the selling pressure had been absorbed and losses were reversed. As such, it indicates the potential for a strong move on the higher side.
The immediate resistance is seen at 74.83 - the resistance of the trendline connecting June 16 and July 14 highs. A violation there would expose the psychological hurdle of 75.00.
The outlook would turn bullish if the sellers manage to establish a strong foothold below 74.20. This is because the 10-pip range of 74.20 to 74.30 acted as a strong support zone in the previous two weeks and on Tuesday.
Daily chart
Trend: Bullish
Technical levels
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.