- USD/INR has faced stiff barricades above 82.50 as market sentiment has improved.
- The Indian Rupee is expected to remain under pressure as oil prices have recovered sharply.
- USD/INR is marching towards the downward-sloping trendline of the Symmetrical Triangle pattern plotted from 83.43.
The USD/INR pair has sensed some selling pressure around 82.40 in the Asian session. The asset has faced barricades as the US Dollar Index (DXY) has remained subdued in Tokyo. A lackluster performance is anticipated from the USD Index as expectations for the approval of the US debt-ceiling raise have improved sharply.
The Indian Rupee is expected to remain under pressure as oil prices have recovered sharply on optimism over solid demand recovery and the US meeting payment obligations before the deadline of June 01. It is worth noting that India is one of the leading importers of oil in the world higher oil prices will impact the Indian rupee.
USD/INR is marching towards the downward-sloping trendline of the Symmetrical Triangle chart pattern plotted from 19 October 2022 high at 83.43. The upward-sloping trendline of the aforementioned pattern is placed from 11 November 2022 low at 80.38.
The 50-period Exponential Moving Average (EMA) at 82.10 is supporting the US Dollar bulls.
A breach into the bullish range of 60.00-80.00 by the Relative Strength Index (RSI) (14) will strengthen US Dollar bulls further.
Going forward, a decisive break above March 22 high around 82.90 will drive the asset toward 23 December 2022 high at 83.17 followed by 19 October 2022 high at 83.43.
On the flip side, a downside move below May 16 low at 82.16 will drag the asset toward the round-level support at 82.00. A slippage below the latter will expose the asset to May 08 high at 81.67.
USD/INR daily chart
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