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.

Anil Panchal FXStreet

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

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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