USD/INR Price Analysis: Bulls have the upper hand, could aim to test all-time peak near 83.45

USD/INR is seen consolidating in a narrow band just above the 83.00 mark.
The technical setup favours bulls and supports prospects for additional gains.
Any meaningful corrective slide is likely to get bought into and remain limited.

Haresh Menghani FXStreet

The USD/INR pair struggles to capitalize on its modest gains registered over the past two days and oscillates in a narrow range through the Asian session on Friday. Spot prices currently trade just above the 83.00 mark and the setup suggests that the path of least resistance is to the upside.

The positive outlook is reinforced by the fact that the USD/INR pair is holding comfortably above technically significant 100-day and 200-day Simple Moving Averages (SMAs). Moreover, positive oscillators on the daily chart – though have been losing traction – favour bullish traders and validate the near-term positive outlook. Hence, some follow-through strength beyond last week's swing high, around the 83.20-83.25 region, en route to the record high, around the 83.45 region touched in August, looks like a distinct possibility.

On the flip side, any meaningful slide might continue to find some support near the 82.80 area or the weekly low. This is followed by the 100-day and the 200-day SMAs confluence, currently pegged around the 82.45-82.35 region, which should act as a pivotal point. A convincing break below might prompt some technical selling and make the USD/INR pair vulnerable to accelerate the slide to the 82.00 mark.

The downward trajectory could get extended further towards the July monthly swing low, around the 81.70-81.65 region. Failure to defend the said support levels will suggest that USD/INR has topped out in the near term and pave the way for a meaningful corrective decline. Spot prices might then weaken towards the 81.35 intermediate support before eventually dropping towards testing sub-81.00 levels.

USD/INR daily chart

Technical levels to watch

USD/INR

Overview
Today last price	83.0397
Today Daily Change	-0.0389
Today Daily Change %	-0.05
Today daily open	83.0786

Trends
Daily SMA20	82.8992
Daily SMA50	82.6596
Daily SMA100	82.4494
Daily SMA200	82.3447

Levels
Previous Daily High	83.2896
Previous Daily Low	82.7745
Previous Weekly High	83.3714
Previous Weekly Low	82.585
Previous Monthly High	83.5505
Previous Monthly Low	82.224
Daily Fibonacci 38.2%	83.0928
Daily Fibonacci 61.8%	82.9712
Daily Pivot Point S1	82.8055
Daily Pivot Point S2	82.5325
Daily Pivot Point S3	82.2905
Daily Pivot Point R1	83.3206
Daily Pivot Point R2	83.5626
Daily Pivot Point R3	83.8356

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.