USD/INR Price Analysis: Three-week-old hurdle defends Indian rupee buyers
- USD/INR again retreats from a short-term key horizontal hurdle.
- 100-SMA, monthly ascending trend line to test pair sellers.
- RSI conditions, sustained trading beyond 200-SMA keeps buyers hopeful.
USD/INR fades the previous day’s corrective pullback, easing from a three-week-old horizontal resistance to 77.71 during Thursday’s mid-Asian session.
In doing so, the Indian rupee (INR) pair portrays the fifth rejection from the short-term key hurdle.
Even so, the pair’s successful trading above 100-SMA and a monthly ascending trend line join recently firmer RSI (14) to keep USD/INR buyers hopeful.
It’s worth noting that the quote’s weakness past 100-SMA and rising support line from early May, respectively near 77.60 and 77.43, will need validation from the 200-SMA level of 77.27 to convince the USD/INR bears.
Following that, the 77.00 threshold keeps the keys for the quote’s downward trajectory towards May’s low near 76.00.
Alternatively, a successful break of the previously stated horizontal resistance near 78.00 may not hesitate to refresh the record high of 78.12.
For that matter, the 80.00 psychological magnet will be crucial to watch for the USD/INR buyers.
USD/INR: Four-hour 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.
