USD/INR Price Analysis: Indian rupee buyers jostle with key hurdle around 77.50
- USD/INR remains pressured around intraday low, extends Friday’s pullback.
- Sellers attack ascending triangle’s support to retake control.
- RSI, MACD suggests further weakness but the key SMAs may offer an intermediate halt.
USD/INR stays depressed around the intraday low of 77.52 inside a three-week-old ascending triangle. In doing so, the Indian rupee (INR) pair stretches the previous day’s weakness as bears battle with the stated bearish chart pattern’s support line during early Monday.
Given the downbeat RSI and MACD conditions, as well as the pair’s lower-high formation in the last two days, the USD/INR prices are likely to witness further downside.
However, a clear downside break of the 77.50 support becomes necessary to convince sellers.
Even so, the 100-SMA and the 200-SMA will challenge the INR pair’s further downside around 77.40 and 76.90.
Meanwhile, recovery moves remain elusive until the quote defies the recent lower-high formation by crossing the 77.70 hurdle.
Following that, the stated triangle’s resistance around 77.85, followed by the 78.00 threshold, will please the USD/INR bulls.
Overall, USD/INR prices are likely to consolidate recent gains but the downtrend appears less convincing.
USD/INR: Four-hour chart
Trend: Further weakness expected
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.
