USD/INR Price Analysis: Indian rupee eyes gains

USD/INR carved out a red marubozu candle on Wednesday, indicating strong bearish sentiment and scope for continued gains in the Indian rupee. 

The pair also violated support of trendline connecting Jan. 4 and Jan. 14 lows with a close at 72.91 on Wednesday. The breakdown is backed by a below-50 or bearish reading on the 14-day Relative Strength Index. 

As such, the Sept. 1 low of 72.76 could be put to the test soon. On the higher side, a close above the lower high of 73.58 created on Jan. 11 is needed to confirm a short-term bullish reversal. 

Daily chart

Trend: Bearish

Technical levels