USD/INR Price Analysis: Bulls need to wait for more for printing a fresh all-time high above 80.20


  • USD/INR is advancing sharply to recapture its all-time-high at 80.21.
  • An ascending triangle formation indicates that bulls need to wait for more for a fresh rally.
  • Ascending 200-EMA indicates that the upside bias is intact.

The USD/INR pair has displayed a firmer rebound from a low near 79.75 in the Asian session. On a broader note, the asset is oscillating in a tad wider range of 79.68-80.11 from the past week. Investors are expected to adopt a wait-and-watch approach ahead of Jackson Hole Economic Symposium.

On a four-hour scale, the asset is oscillating in an Ascending Triangle chart pattern that favors consolidation with a positive bias. The upward-sloping trendline of the above-mentioned chart pattern is placed from August 2 low at 78.41. While the horizontal resistance is plotted from all-time highs at 80.21.

The 50-period Exponential Moving Average (EMA) at 79.71 has acted as major support for the counter. Also, the 200-EMA at 79.43 is scaling gradually higher, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00, which indicates a consolidation ahead.

A minor correction to near 50-EMA at 79.71 will trigger a bargain buy as oscillators will get oversold. An occurrence of the same will send the asset towards 80.21. A break above 80.21 will send the asset into unchartered territory and will drive the asset towards a crucial resistance at 80.50.

On the flip side, a downside move below the August 16 low at 79.14 will drag the asset towards July 7 low at 78.90, followed by the August 2 low at 78.42.

USD/INR four-hour chart

USD/INR

Overview
Today last price 79.8251
Today Daily Change 0.0496
Today Daily Change % 0.06
Today daily open 79.7755
 
Trends
Daily SMA20 79.4394
Daily SMA50 79.2574
Daily SMA100 78.1655
Daily SMA200 76.7007
 
Levels
Previous Daily High 80.04
Previous Daily Low 79.7125
Previous Weekly High 80.1115
Previous Weekly Low 79.1395
Previous Monthly High 80.208
Previous Monthly Low 78.8583
Daily Fibonacci 38.2% 79.8376
Daily Fibonacci 61.8% 79.9149
Daily Pivot Point S1 79.6453
Daily Pivot Point S2 79.5152
Daily Pivot Point S3 79.3178
Daily Pivot Point R1 79.9728
Daily Pivot Point R2 80.1702
Daily Pivot Point R3 80.3003

 

 

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