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USD/INR technical analysis: Recovery torpedoed by inverted bearish hammer

  • USD/INR created a bearish inverted hammer on Tuesday. 
  • A close above 68.843 is needed to invalidate bearish setup. 

USD/INR ticked higher to 68.84 in early trading on Tuesday only to end up creating an inverted bearish hammer. 

Notably, the pair ran into offers around the 10-day moving average (MA), reinforcing the bearish bias of that downward sloping technical line. 

Therefore, the path of least resistance remains to the downside. USD/INR risks revisiting the March low of 68.35. 

The bearish outlook would be invalidated if the spot closes today above the hammer candle’s high of 68.84. 

Daily chart

Trend: Bearish

Pivot points

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