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USD/INR Price Analysis: Indian Rupee approaches three-week-old resistance near 81.60

  • USD/INR remains pressured at weekly low, down for third consecutive day.
  • Sustained trading below 50-SMA keeps Indian Rupee buyers hopeful.
  • Buyers have a bumpy road to witness in case of surprise return, 82.10 is the key hurdle.

USD/INR holds lower grounds near 81.70 as it prods weekly low during a three-day downtrend. In doing so, the Indian Rupee (INR) pair cheers broad US Dollar weakness ahead of the key US Nonfarm Payrolls (NFP).

That said, the pair’s sustained trading below the 50-bar Simple Moving Average (SMA) joins the downbeat MACD signals and mostly steady RSI (14) line to underpin the bearish bias.

With this, the Indian Rupee buyers appear all set to poke an upward-sloping support line from mid-April, near 81.60.

However, the RSI line is near 45.00, which in turn suggests bottom-picking around the key support line and restricts the quote’s further downside.

In a case where the USD/INR pair drops below 81.60, the previous monthly low of around 81.50 will be crucial as it holds the key for the quote’s fall towards the yearly low, marked in January at around 80.90.

Alternatively, USD/INR rebound remains elusive unless the quote breaks the 50-SMA hurdle of around 81.80.

Following that, a downward-sloping trend line from April 19, close to 81.80, and an eight-day-old resistance line near 81.90, could prod the pair buyers.

Above all, USD/INR remains bearish below the seven-week-old resistance line, near 82.10 at the latest.

USD/INR: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 81.7045
Today Daily Change -0.0158
Today Daily Change % -0.02%
Today daily open 81.7203
 
Trends
Daily SMA20 81.9076
Daily SMA50 82.1317
Daily SMA100 82.1989
Daily SMA200 81.6138
 
Levels
Previous Daily High 81.8866
Previous Daily Low 81.645
Previous Weekly High 82.1614
Previous Weekly Low 81.485
Previous Monthly High 82.5092
Previous Monthly Low 81.485
Daily Fibonacci 38.2% 81.7373
Daily Fibonacci 61.8% 81.7943
Daily Pivot Point S1 81.6147
Daily Pivot Point S2 81.5091
Daily Pivot Point S3 81.3731
Daily Pivot Point R1 81.8562
Daily Pivot Point R2 81.9922
Daily Pivot Point R3 82.0978

 

 

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