USD/INR Price Analysis: Indian Rupee justifies Tuesday’s Doji to tease buyers around 82.00
- USD/INR takes offers to refresh intraday low, justifies the previous day’s Doji candlestick.
- Bearish Doji, U-turn from 200-DMA directs Indian Rupee buyers towards 10-week-old rising trend line.
- RSI, MACD conditions suggest limited downside room for bears to cheer.
- Convergence of 50-DMA, one-month-old resistance line appears a tough nut to crack for USD/INR bulls.
USD/INR slips off buyer’s radar after a three-day attempt to stay firmer around 82.00, refreshing intraday low near 81.95 during very early Wednesday morning in Europe.
In doing so, the Indian Rupee (INR) pair justifies the previous day’s Bearish Doji candlestick, as well as multiple failures to cross the 200-DMA hurdle.
However, an upward-sloping support line from mid-April joins the receding bearish bias of the MACD signals and the below-50.0 levels of the RSI (14) line to challenge the USD/INR bears around 81.90.
Even if the Indian Rupee (INR) buyers manage to conquer the 81.90 support, the monthly low of around 81.85 can act as the additional downside filter before confirming the seller’s dominance.
Following that, the double bottom around 81.50 will be in the spotlight.
On the contrary, the 200-DMA guards the immediate recovery moves of the USD/INR pair around 82.15 before pushing the bulls toward confronting the 82.20 resistance confluence comprising the 50-DMA and a one-month-old falling trend line.
That said, the early month swing low of near 82.30 can act as the last defense of the USD/INR bears prior to giving control to the bulls.
USD/INR: Daily chart
Trend: Limited downside 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.
