USD/INR Price Analysis: Indian rupee buyers need validation from 79.70

USD/INR remains pressured inside two-week-old trading range, pokes short-term support line of late.
100-SMA, one-month-old ascending trend line adds strength to the downside filters.
Bulls should wait for a daily close beyond 80.20 to retake control.
RSI, MACD signals hint that buyers are running out of steam.

Anil Panchal FXStreet

USD/INR extends the post-Fed losses as the bears attack a five-week-old rising trend line support near 79.80 during the initial hour of the Indian trading session on Thursday. Even so, the pair remains inside a fortnight-long trading range between 80.20 and 79.70.

Considering the latest weakness in the RSI, as well as an impending bear cross on the MACD< USD/INR is likely to break the 79.70 support.

Following that, an upward sloping trend line from June 29, at 79.55, will be in focus.

In a case where USD/INR prices drop below 79.55, the odds of witnessing the quote’s south-run towards 79.00 and then to the June 29 swing low near 78.80 will be in focus.

Meanwhile, recovery moves may initially aim for the 80.00 threshold before challenging the aforementioned range’s resistance, at 80.20.

In a case where the USD/INR buyers manage to keep reins past 80.20, the 81.00 round figure could flash on their radars.

USD/INR: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	79.7792
Today Daily Change	-0.0423
Today Daily Change %	-0.05%
Today daily open	79.8215

Trends
Daily SMA20	79.5541
Daily SMA50	78.5625
Daily SMA100	77.4939
Daily SMA200	76.2144

Levels
Previous Daily High	80.208
Previous Daily Low	79.7738
Previous Weekly High	80.1595
Previous Weekly Low	79.7208
Previous Monthly High	79.091
Previous Monthly Low	77.3791
Daily Fibonacci 38.2%	79.9396
Daily Fibonacci 61.8%	80.0421
Daily Pivot Point S1	79.6608
Daily Pivot Point S2	79.5002
Daily Pivot Point S3	79.2266
Daily Pivot Point R1	80.0951
Daily Pivot Point R2	80.3687
Daily Pivot Point R3	80.5293

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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