- USD/INR snaps the three-day losing streak.
- 21-day SMA at 83.22 acts as the immediate barrier.
- MACD indicator suggests a bearish trend in the market sentiment.
USD/INR trades higher around 83.20 lined up with immediate resistance near the 21-day Simple Moving Average (SMA) at 83.22. The USD/INR pair could gain more profits in the short term as the 50-day SMA lies slightly above the latter at 83.24.
The USD/INR pair bounces back from the recent losses incurred in the previous session, particularly after the release of disappointing US Non-Farm Payrolls data on Friday. The US Bureau of Labor Statistics revealed the October data, indicating a count of 150K, falling short of the anticipated 180K and marking a significant decline from September's 297K.
On the downside, the USD/INR pair could find key support at 83.00 psychological level aligned with October’s low at 82.97.
The Moving Average Convergence Divergence (MACD) line lies below the centerline and shows convergence occurring below the signal line. This configuration typically suggests a bearish trend, indicating potential downward momentum in the USD/INR pair.
The 14-day Relative Strength Index (RSI) hovering around the 50 level indicates that there is no strong bias towards either overbought or oversold conditions, and the market is in a state of equilibrium.
USD/INR: Four-Hour Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD climbs above 1.0500 on persistent USD weakness
EUR/USD preserves its bullish momentum and trades above 1.0500 on Monday. In the absence of high-impact data releases, the risk-positive market atmosphere makes it difficult for the US Dollar (USD) to find demand and helps the pair push higher.
GBP/USD rises to 1.2600 area as mood improves
Following a short-lasting correction, GBP/USD regains its traction and trades at around 1.2600. The US Dollar struggles to stay resilient against its rivals as market mood improves on Monday, allowing the pair to build on its bullish weekly opening.
Gold turns bearish and could test $2,600
After recovering toward $2,700 during the European trading hours, Gold reversed its direction and dropped below $2,650. Despite falling US Treasury bond yields, easing geopolitical tensions don't allow XAU/USD to find a foothold.
Five fundamentals for the week: Fed minutes may cool Bessent boost, jobless claims, core PCE eyed Premium
Will the rally around Scott Bessent's nomination continue? The short Thanksgiving week features a busy Wednesday packed with events, and the central bank may cool the enthusiasm.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.