USD/INR Price Analysis: Indian Rupee struggles around 82.50 as 50-DMA probes buyers

USD/INR remains sidelined between four-month-old resistance line and 50-DMA.
A convergence of 100-DMA, ascending trend line from late January appears a tough nut to crack for the pair sellers.
Indian Rupee sellers need successful break of 82.80 to retake control.

Anil Panchal FXStreet

USD/INR remains indecisive around 82.60, challenging the two-day losing streak, as Indian Rupee traders seek fresh clues during early Friday. In doing so, the pair also takes clues from the cautious mood in the market ahead of the early signals for the US inflation, namely preliminary readings of February’s US Michigan Consumer Sentiment Index and 5-year Consumer Inflation Expectations.

That said, the quote’s trading within the key technical hurdles also challenges the momentum traders of late.

It’s worth observing that the bullish MACD signals and firmer RSI (14), however, keep the USD/INR buyers hopeful. On the same line could be the pair’s bounce off the 50-DMA.

As a result, the pair’s another attempt to cross the downward-sloping resistance line from October 2022, close to 82.80 by the press time, appears on the table.

Following that, a run-up towards the all-time high marked in late 2022 around 83.42 can’t be ruled out.

Meanwhile, the 50-DMA restricts the immediate downside of the USD/INR pair to around 82.20 before highlighting the 82.00 support confluence, which includes the 100-DMA and three-week-old ascending trend line.

If at all the USD/INR bears keep the reins past 82.00, the odds of witnessing a gradual south run towards the previous monthly low near 80.90 can’t be ruled out.

Overall, USD/INR is likely to remain depressed but the downside room appears limited, which in teases buyers to build positions for future gains.

USD/INR: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	82.595
Today Daily Change	0.0306
Today Daily Change %	0.04%
Today daily open	82.5644

Trends
Daily SMA20	81.7954
Daily SMA50	82.1788
Daily SMA100	82.0357
Daily SMA200	80.4669

Levels
Previous Daily High	82.7735
Previous Daily Low	82.1626
Previous Weekly High	82.5127
Previous Weekly Low	81.4605
Previous Monthly High	83.072
Previous Monthly Low	80.8822
Daily Fibonacci 38.2%	82.396
Daily Fibonacci 61.8%	82.5402
Daily Pivot Point S1	82.2268
Daily Pivot Point S2	81.8893
Daily Pivot Point S3	81.616
Daily Pivot Point R1	82.8377
Daily Pivot Point R2	83.111
Daily Pivot Point R3	83.4485

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.

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