USD/INR Technical Analysis: 68.27 is key support, "death cross" confirmed

USD/INR, currently at 68.35, is reporting losses for the 11th straight day and could soon drop to key support at 68.27 (daily lows in July and early August 2018).  

The 50-day moving average (MA) has dropped below the 200-day MA, confirming a bearish crossover, which is widely known as the "death cross". 

Based on backward-looking moving averages, the death cross lags price action and has limited predictive abilities at best. 

That said, a daily close below 68.27 would only bolster the already bearish setup and expose the next major support at 67.71 (June 22 low). 

The bearish setup would be invalidated if and when the spot sees a daily close above the 10-day MA, currently at 69.455. 

Daily chart

Trend: Sell-off continues