USD/INR Price Analysis: Indian rupee buyers stay on the way to 79.40 support


  • USD/INR holds onto the previous day’s downside break of the key support despite recent bounce.
  • Bearish MACD signals direct pair sellers towards three-week-old support line.
  • 50-SMA adds strength to the 79.85 hurdle, RSI challenges the downside.
  • Holiday in India, cautious mood ahead of the key US employment data restrict immediate moves.

USD/INR picks up bids to consolidate intraday losses around 79.60 during Wednesday’s Asian session. Even so, the Indian rupee (INR) pair remains bearish for the second consecutive day amid a trading holiday in India. Also acting as a trading filter is the anxiety ahead of the early signal of Friday’s US Nonfarm Payrolls (NFP), namely ADP Employment Change for August.

Also read: ADP Jobs Preview: Three reasons to expect the data to drive the dollar higher

That said, a clear downside break of an upward sloping trend line from August 02, as well as the 50-SMA, joins bearish MACD signals to favor USD/INR bears.

However, the 61.8% Fibonacci retracement level of July 27 to August 02 downside, near 79.50, restricts immediate declines of the quote.

Also acting as the short-term important support is the three-week-old ascending trend line, at 79.40 by the press time.

It should be noted, however, that the RSI (14) is near the oversold territory and hence signals limited downside.

Alternatively, recovery moves need to cross the convergence of the 50-SMA and the previous support line, around 79.85, to convince USD/INR buyers.

Following that, the 80.00 threshold and the recent high around 80.20 appear crucial hurdles to watch.

USD/INR: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price 79.5815
Today Daily Change -0.1082
Today Daily Change % -0.14%
Today daily open 79.6897
 
Trends
Daily SMA20 79.6015
Daily SMA50 79.4084
Daily SMA100 78.3231
Daily SMA200 76.8113
 
Levels
Previous Daily High 80.179
Previous Daily Low 79.4381
Previous Weekly High 80.1336
Previous Weekly Low 79.6978
Previous Monthly High 80.208
Previous Monthly Low 78.8583
Daily Fibonacci 38.2% 79.7212
Daily Fibonacci 61.8% 79.896
Daily Pivot Point S1 79.3589
Daily Pivot Point S2 79.0281
Daily Pivot Point S3 78.618
Daily Pivot Point R1 80.0998
Daily Pivot Point R2 80.5098
Daily Pivot Point R3 80.8406

 

 

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