INRUSD closes within prior day's range after lackluster session
Indian Rupee/US Dollar (INRUSD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
INRUSD ended the month -0.35% lower at 0.013282 after edging lower 4 pips (-0.03%) today on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (INRUSD as at Jun 30, 2020):
Tuesday's trading range has been 47 pips (0.35%), that's far below the last trading month's daily average range of 81 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for INRUSD.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 22nd, INRUSD actually gained 0.17% on the following trading day.
Prices are trading close to the key technical support level at 0.013248 (S1). After having been unable to move lower than 0.013255 in the previous session, the currency found buyers again around the same price level today at 0.013263.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 0.013351 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 0.013231 where further sell stops could get activated. As prices are trading close to June's high at 0.013400, upside momentum might accelerate should the forex pair mark new highs for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for INR/USD. Out of 870 times, INRUSD closed higher 52.76% of the time on the next trading day after the market condition occurred.