USD/INR Price Analysis: Bulls have the upper hand, could aim to test all-time peak near 83.45


  • USD/INR is seen consolidating in a narrow band just above the 83.00 mark.
  • The technical setup favours bulls and supports prospects for additional gains.
  • Any meaningful corrective slide is likely to get bought into and remain limited.

The USD/INR pair struggles to capitalize on its modest gains registered over the past two days and oscillates in a narrow range through the Asian session on Friday. Spot prices currently trade just above the 83.00 mark and the setup suggests that the path of least resistance is to the upside.

The positive outlook is reinforced by the fact that the USD/INR pair is holding comfortably above technically significant 100-day and 200-day Simple Moving Averages (SMAs). Moreover, positive oscillators on the daily chart – though have been losing traction – favour bullish traders and validate the near-term positive outlook. Hence, some follow-through strength beyond last week's swing high, around the 83.20-83.25 region, en route to the record high, around the 83.45 region touched in August, looks like a distinct possibility.

On the flip side, any meaningful slide might continue to find some support near the 82.80 area or the weekly low. This is followed by the 100-day and the 200-day SMAs confluence, currently pegged around the 82.45-82.35 region, which should act as a pivotal point. A convincing break below might prompt some technical selling and make the USD/INR pair vulnerable to accelerate the slide to the 82.00 mark.

The downward trajectory could get extended further towards the July monthly swing low, around the 81.70-81.65 region. Failure to defend the said support levels will suggest that USD/INR has topped out in the near term and pave the way for a meaningful corrective decline. Spot prices might then weaken towards the 81.35 intermediate support before eventually dropping towards testing sub-81.00 levels.

USD/INR daily chart

fxsoriginal

Technical levels to watch

USD/INR

Overview
Today last price 83.0397
Today Daily Change -0.0389
Today Daily Change % -0.05
Today daily open 83.0786
 
Trends
Daily SMA20 82.8992
Daily SMA50 82.6596
Daily SMA100 82.4494
Daily SMA200 82.3447
 
Levels
Previous Daily High 83.2896
Previous Daily Low 82.7745
Previous Weekly High 83.3714
Previous Weekly Low 82.585
Previous Monthly High 83.5505
Previous Monthly Low 82.224
Daily Fibonacci 38.2% 83.0928
Daily Fibonacci 61.8% 82.9712
Daily Pivot Point S1 82.8055
Daily Pivot Point S2 82.5325
Daily Pivot Point S3 82.2905
Daily Pivot Point R1 83.3206
Daily Pivot Point R2 83.5626
Daily Pivot Point R3 83.8356

 

 

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