USD/INR technical analysis: Defending confluence of trendline and 200-HMA support

• USD/INR has neutralized the immediate bullish outlook.
• Key support at 69.48 is still intact.

USD/INR fell 0.50% to 69.50 on Tuesday but held on to the confluence of rising trendline and the 200-hour moving average (HMA) support.

Both the rising trendline and the 200-HMA are now located near 69.48. A break lower would validate the bearish doji reversal confirmed by Tuesday's close below 69.74 and open the doors to 69.24 (June 12 low).

On the higher side, a break above 69.97 (doji's high) is needed to revive the bullish view put forward by the falling wedge breakout confirmed on June 13.

Daily chart

Trend: Bearish below 69.74

Pivot levels