USD/INR Price Analysis: Indian Rupee bears occupy driver’s seat within falling wedge, 82.75 is the key


  • USD/INR picks up bids to extend the previous day’s rebound inside bullish chart formation.
  • 50-SMA adds strength to 82.75 hurdle for Indian Rupee bears.
  • April’s peak, 200-SMA restrict short-term downside of USD/INR pair.
  • US Dollar grinds higher amid default jitters, full markets’ reaction to US debt ceiling deal.

USD/INR remains on the front foot around 82.67 amid the initial hour of the Indian trading session on Tuesday. With this, the Indian Rupee (INR) pair portrays the market’s favor to the US Dollar amid anxiety ahead of the key US jobs report, as well as due to the mixed concerns about the US debt ceiling agreement and its capacity to become the law.

Amid these plays, the US stock futures print mild gains but the Treasury bond yields remain pressured and challenge the US Dollar Index (DXY) bulls as the greenback’s gauge versus the six major currencies seesaws around a nine-week high.

Technically, the USD/INR pair portrays a falling wedge bullish chart formation on the four-hour play, recently approaching the top line of the stated pattern.

It’s worth noting that the recently bullish MACD signals and upbeat RSI (14) line, not overbought, underpin the USD/INR pair’s latest run-up targeting the confirmation of the falling wedge by crossing the 82.75 resistance. Adding strength to the 82.75 hurdle is the 50-bar Simple Moving Average (SMA).

In a case where the USD/INR pair remains strong past 82.75, the monthly peak of around 83.00 may prod the buyers during the theoretical target of the wedge breakout, near 83.25.

Meanwhile, the USD/INR pair’s downside remains limited unless the quote stays beyond the aforementioned wedge’s bottom line, close to 82.50 at the latest.

Even if the USD/INR drops below 82.50, the 200-SMA level of around 82.15 can act as the last defense of the Indian Rupee sellers. It should be observed late April 20 peak of 82.41 also challenges the USD/INR bears.

USD/INR: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 82.6727
Today Daily Change 0.0877
Today Daily Change % 0.11%
Today daily open 82.585
 
Trends
Daily SMA20 82.3077
Daily SMA50 82.1547
Daily SMA100 82.1507
Daily SMA200 81.8701
 
Levels
Previous Daily High 82.738
Previous Daily Low 82.5066
Previous Weekly High 82.981
Previous Weekly Low 82.5302
Previous Monthly High 82.5092
Previous Monthly Low 81.485
Daily Fibonacci 38.2% 82.6496
Daily Fibonacci 61.8% 82.5949
Daily Pivot Point S1 82.4817
Daily Pivot Point S2 82.3784
Daily Pivot Point S3 82.2503
Daily Pivot Point R1 82.7131
Daily Pivot Point R2 82.8412
Daily Pivot Point R3 82.9445

 

 

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