USD/INR Price Analysis: Indian Rupee stays on the way to refreshing record low past 83.00
- USD/INR bulls occupy driver’s seat at YTD top, up for the third consecutive day.
- Clear upside break of nine-month-old resistance line, bullish MACD signals favor Indian Rupee sellers.
- Overbought RSI suggests limited upside room, highlighting record high marked in 2022.
- Pullback remains elusive beyond 82.75; bulls could aim for 84.00 round figure.
USD/INR defends the previous day’s upside break of the key resistance line while sticking to mild intraday gains around the yearly high amid early Tuesday. With this, the Indian Rupee (INR) pair prints a three-day winning streak near 83.20 by the press time.
Not only an upside break of the rising resistance line from early November 2022, now immediate support near the 83.00 round figure, but the bullish MACD signals also favor the USD/INR pair buyers.
It’s worth noting, however, that the RSI (14) line is nearly overbought and hence highlights the previous yearly peak of around 83.30, also the all-time high, as the key hurdle for the USD/INR bulls.
In a case where the India Rupee (INR) sellers dominate past 83.30, the odds of witnessing the pair’s rally towards the 84.00 round figure can’t be ruled out.
On the flip side, a daily closing below the resistance-turned-support line of around 83.00 becomes necessary for the USD/INR sellers to return.
Even so, a three-week-old ascending support line surrounding 82.75 will act as the last defense of the USD/INR bulls.
Above all, the Indian Rupee bears remain hopeful unless the quote provides a daily closing below the 200-DMA level of 82.15.
USD/INR: Daily chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
