The pair has given the breakdown of its horizontal channel pattern and prices have been retested its breakdown trend line channel pattern at 68 levels on 4 hourly charts. On the hourly chart, the pair has given the breakdown of its rising trend line at 68.20 levels. Moreover, prices have been trading below its 21 HSMA which gives the sign of bearishness in the prices.
A momentum indicator RSI has shown bearish range shift at 45 levels, which suggest further negative momentum can be seen in the prices. In addition, momentum indicator MACD has shown negative crossover and moving above its signal line on 4 hourly chart. So for trading perspective, one can sell USDINR in range 67.60 with SL of 68 for the target of 67.
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