- USD/INR retreats after refreshing three-week high, prods two-day winning streak.
- Upbeat oscillators, sustained break of 100-DMA favors Indian Rupee bears.
- 61.8% Fibonacci retracement, six-week-old descending resistance line restrict immediate upside.
- USD/INR buyers remain hopeful above 200-DMA; two-month-old previous resistance line adds to the downside filters.
USD/INR remains mildly offered near 82.20 as it retreats from the highest levels in three weeks during early Monday. In doing so, the Indian Rupee pair fails to justify the previous day’s upside break of the 100-DMA as the 61.8% Fibonacci retracement level of its October-November downside.
Even so, the bullish MACD signals and upbeat RSI (14) line, not overbought, keep the USD/INR pair buyers hopeful of witnessing a daily closing beyond the aforementioned key Fibonacci retracement level of 82.25.
However, a downward-sloping resistance line from April 03, close to 82.30 can act as an extra filter towards the north.
In a case where the USD/INR bulls manage to keep the reins past 82.30, the tops marked during April around 82.40 and 82.50 could lure the pair buyers.
Following that, the yearly high marked in March around 83.05 will be in the spotlight.
Alternatively, a daily closing below the 100-DMA level of around 82.15 isn’t an open invitation to the USD/INR bears as the resistance-turned-support line from mid-March, around the 82.00 round figure, could challenge the Indian Rupee buyers.
Though, the pair sellers should remain cautious unless witnessing a daily closing below the 200-DMA support of around 81.70.
USD/INR: Daily chart
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Trend: Further upside expected
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