USD/INR Price Analysis: Bounces off multi-week low, keeps the red below 83.00


  • USD/INR drops to a multi-week low on Friday, though lacks follow-through selling.
  • Oscillators on the daily chart have just started drifting lower and now favour bears. 
  • Any subsequent fall could attract buyers near the 100-day/200-day SMAs confluence.

The USD/INR pair comes under some renewed selling pressure on Friday and touches a nearly three-week low, around the 82.80-82.75 region during the Asian session. Spot prices, however, manage to trim a part of the intraday losses and currently trade just below the 83.00 round figure, still down over 0.20% for the day.

Technical indicators on the daily chart, meanwhile, have just started drifting in the negative territory and support prospects for some meaningful depreciating move. That said, any subsequent decline below the daily trough is likely to find decent support near the 100-day Simple Moving Average (SMA), currently pegged near the 82.45 region. This is closely followed by the 200-day SMA, around the 82.35 zone, which should now act as a key pivotal point for the USD/INR pair.

The latter near the August 24 low, which if broken decisive will be seen as a fresh trigger for bearish traders and prompt aggressive technical selling. Spot prices might then turn vulnerable to accelerate the slide towards the 82.00 mark. The downward trajectory could get extended and eventually drag the USD/INR pair to the July swing low, around the 81.70-81.65 region.

On the flip side, movement above the 83.00-83.05 immediate hurdle now seems to confront resistance near the 82.30 zone ahead of the all-time peak, around the 83.40-83.45 region touched on August 15. A sustained strength beyond will be seen as a fresh trigger for bullish traders and allow the USD/INR pair to conquer the 84.00 round-figure mark.

USD/INR daily chart

fxsoriginal

Technical levels to watch

USD/INR

Overview
Today last price 82.9572
Today Daily Change -0.1662
Today Daily Change % -0.20
Today daily open 83.1234
 
Trends
Daily SMA20 82.9648
Daily SMA50 82.7428
Daily SMA100 82.5198
Daily SMA200 82.3593
 
Levels
Previous Daily High 83.2397
Previous Daily Low 82.925
Previous Weekly High 83.2896
Previous Weekly Low 82.5035
Previous Monthly High 83.5505
Previous Monthly Low 82.224
Daily Fibonacci 38.2% 83.1195
Daily Fibonacci 61.8% 83.0452
Daily Pivot Point S1 82.9523
Daily Pivot Point S2 82.7813
Daily Pivot Point S3 82.6376
Daily Pivot Point R1 83.267
Daily Pivot Point R2 83.4107
Daily Pivot Point R3 83.5817

 

 

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