USD/INR Price Analysis: Bears flirt with multi-month-old ascending trend-line support near 82.00

USD/INR remains confined in a narrow trading band around the 82.00 mark on Tuesday.
Acceptance below the 200-day SMA supports prospects for some meaningful decline.
Some follow-through selling below the monthly low will reaffirm the negative outlook.

Haresh Menghani FXStreet

The USD/INR pair edges lower for the second successive day on Tuesday, albeit lacks follow-through selling and remains confined in a familiar multi-day-old trading range. Spot prices currently trade around the 82.00 round figure, with bears now awaiting a sustained breakdown through upward-sloping trend-line support extending from November 2022.

Against the backdrop of the recent repeated failures ahead of the 83.00 mark, acceptance back below a technically significant 200-day Simple Moving Average could be seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have again started drifting in the negative territory and suggest that the path of least resistance for the USD/INR pair is to the downside.

That said, it will still be prudent to wait for some follow-through selling below the monthly low, around the 81.75 region, before traders start positioning for any further depreciating move. The USD/INR pair might then accelerate the slide towards the next relevant support near the 81.50 zone before eventually dropping to test sub-81.00 levels or the YTD low touched in January.

On the flip side, the 82.20 area (200-day SMA) now seems to act as an immediate resistance. A sustained strength beyond will reinforce the ascending trend-line support and the subsequent move up has the potential to lift the USD/INR pair beyond the 82.70-82.75 intermediate hurdle. Bullish traders might then make a fresh attempt to conquer the 83.00 round-figure mark.

The said handle has been acting as a strong barrier since October 2022, which if cleared will mark a fresh bullish breakout and set the stage for an extension of the USD/INR pair's well-established uptrend witnessed since August 2022. Spot prices might then surpass the all-time peak, around the 83.40-83.45 region touched in October 2023, and aim to reclaim the 84.00 mark.

USD/INR daily chart

Key levels to watch

USD/INR

Overview
Today last price	82.0334
Today Daily Change	-0.0289
Today Daily Change %	-0.04
Today daily open	82.0623

Trends
Daily SMA20	82.1524
Daily SMA50	82.3105
Daily SMA100	82.2009
Daily SMA200	82.1774

Levels
Previous Daily High	82.2014
Previous Daily Low	81.9966
Previous Weekly High	82.7256
Previous Weekly Low	81.9215
Previous Monthly High	82.737
Previous Monthly Low	81.8477
Daily Fibonacci 38.2%	82.0748
Daily Fibonacci 61.8%	82.1231
Daily Pivot Point S1	81.9721
Daily Pivot Point S2	81.8819
Daily Pivot Point S3	81.7672
Daily Pivot Point R1	82.1769
Daily Pivot Point R2	82.2916
Daily Pivot Point R3	82.3818

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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