USD/INR Price Analysis: Indian rupee sellers run out of steam, 77.50 in focus
|- USD/INR remains sidelined inside a 12-day-old symmetrical triangle.
- 100-SMA restricts immediate downside, 200-SMA acts as additional support.
- Descending RSI (14) keeps bears hopeful unless crossing 78.00.
USD/INR pares intraday losses around 77.60, staying within a fortnight-long triangle, during early Wednesday morning in Europe.
While a short-term trading range below 78.00 restricts USD/INR upside, the pair bears have recently turned hopeful as the RSI hints at receding bullish momentum.
Even so, the USD/INR sellers need to conquer the 100-SMA and the stated triangle’s support, respectively around 77.50 and 77.50, to retake control.
Following that, May 10 swing low near 77.10 will precede the 200-SMA level surrounding 77.05 to restrict the short-term USD/INR downside.
Alternatively, recovery moves remain elusive until the quote stays below the aforementioned triangle’s resistance line near 77.75. Also acting as the key upside hurdle is the 78.00 psychological manget.
Should the USD/INR prices cross the 78.00 resistance, the odds of witnessing the 80.00 threshold on the chart can’t be ruled out.
USD/INR: Four-hour chart
Trend: Further weakness expected
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