Turns lower from descending trendline hurdle

USD/INR reports losses after rejection at falling trendline resistance.
SMA studies and RSI signal a bearish bias.

USD/INR’s CFD is currently trading at 74.50, representing a 0.16% gain on the day.

The daily chart shows the pair is flashing red, having failed to take out the resistance of the trendline connecting June 16 and July 14 highs on Tuesday and Wednesday.

That coupled with a below-50 or bearish reading on the 14-day relative strength index and a bearish crossover of the 50- and 100-day simple moving averages (SMAs) suggests scope for a fresh drop toward the July 6 low of 73.83.

The bearish bias would be invalidated if the spot rises above the descending trendline hurdle. That said, a move above the lower high of 75.36 created on July 14 is needed to confirm a bullish reversal.