USD/INR Price Analysis: Hovers near 83.20 lined up with key barrier at 21-day SMA

USD/INR snaps the three-day losing streak.
21-day SMA at 83.22 acts as the immediate barrier.
MACD indicator suggests a bearish trend in the market sentiment.

Akhtar Faruqui FXStreet

USD/INR trades higher around 83.20 lined up with immediate resistance near the 21-day Simple Moving Average (SMA) at 83.22. The USD/INR pair could gain more profits in the short term as the 50-day SMA lies slightly above the latter at 83.24.

The USD/INR pair bounces back from the recent losses incurred in the previous session, particularly after the release of disappointing US Non-Farm Payrolls data on Friday. The US Bureau of Labor Statistics revealed the October data, indicating a count of 150K, falling short of the anticipated 180K and marking a significant decline from September's 297K.

On the downside, the USD/INR pair could find key support at 83.00 psychological level aligned with October’s low at 82.97.

The Moving Average Convergence Divergence (MACD) line lies below the centerline and shows convergence occurring below the signal line. This configuration typically suggests a bearish trend, indicating potential downward momentum in the USD/INR pair.

The 14-day Relative Strength Index (RSI) hovering around the 50 level indicates that there is no strong bias towards either overbought or oversold conditions, and the market is in a state of equilibrium.

USD/INR: Four-Hour Chart

USD/INR: other levels to watch

Overview
Today last price	83.1995
Today Daily Change	0.0269
Today Daily Change %	0.03
Today daily open	83.1726

Trends
Daily SMA20	83.2613
Daily SMA50	83.1568
Daily SMA100	82.7904
Daily SMA200	82.5371

Levels
Previous Daily High	83.333
Previous Daily Low	83.0635
Previous Weekly High	85.2015
Previous Weekly Low	83.0635
Previous Monthly High	84.7045
Previous Monthly Low	81.2125
Daily Fibonacci 38.2%	83.1664
Daily Fibonacci 61.8%	83.2301
Daily Pivot Point S1	83.0464
Daily Pivot Point S2	82.9202
Daily Pivot Point S3	82.7769
Daily Pivot Point R1	83.3159
Daily Pivot Point R2	83.4592
Daily Pivot Point R3	83.5854

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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