USD/INR Price Analysis: Indian Rupee sellers need to cross 81.80 hurdle to retake control

USD/INR remains firmer for the second consecutive day, grinds near intraday top.
Successful break of three-week-old descending trend line, upbeat oscillators suggest upside break of 100-DMA.
Previous support line from early August 2022 acts as the last defense of USD/INR bears.

Anil Panchal FXStreet

USD/INR holds onto the week-start breakout of the previously key resistance line as bulls flirt with the 81.65 level during an initial hour of the Indian trading session on Tuesday. Even so, the 100-DMA challenges the immediate upside moves near 81.80.

It’s worth noting, however, that the receding bearish bias of the USD/INR and the upbeat RSI (14) suggest further upside of the pair.

Hence, the quote is likely to overcome the immediate barrier to the north near 81.80. Following that, the 82.00 round figure will be the focus of the USD/INR buyers.

In a case where USD/INR remains firmer past 82.00, the support-turned-resistance line from early August, near 82.10 at the latest, will be crucial to watch as a sustained break of which might give control to the bulls.

On the flip side, the immediate support line from January 06, the previous resistance near 81.40, puts a floor under the USD/INR declines.

Should the quote remains weak past 81.40, the 81.00 round figure and the monthly low marked on Monday close to 80.90 may entertain the USD/INR bears.

If at all the Indian Rupee (INR) pair refreshes it's monthly low, November’s trough surrounding 80.35 should be in the spotlight.

USD/INR: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	81.6505
Today Daily Change	0.1701
Today Daily Change %	0.21%
Today daily open	81.4804

Trends
Daily SMA20	82.0146
Daily SMA50	82.0485
Daily SMA100	81.7459
Daily SMA200	80.1042

Levels
Previous Daily High	81.5026
Previous Daily Low	80.8822
Previous Weekly High	81.8865
Previous Weekly Low	80.9595
Previous Monthly High	84.25
Previous Monthly Low	80.9855
Daily Fibonacci 38.2%	81.2656
Daily Fibonacci 61.8%	81.1191
Daily Pivot Point S1	81.0742
Daily Pivot Point S2	80.668
Daily Pivot Point S3	80.4538
Daily Pivot Point R1	81.6946
Daily Pivot Point R2	81.9088
Daily Pivot Point R3	82.315

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.

AUD/USD flatlines near 0.6965 as less hawkish RBA counters USD weakness

AUD/USD holds steady above a two-week low, trading near 0.6965 in the Asian session on Wednesday as early midterm election results heighten political uncertainty and weigh heavily on the US Dollar. Moreover, reviving safe-haven demand triggers a fresh leg down in US bond yields, offsetting Fed hike bets and exerting additional pressure on the buck. However, a less hawkish RBA caps the Aussie.

USD/JPY declines below 158.00 as USD weakens on midterm election results

USD/JPY comes under heavy selling pressure on Wednesday, dropping below 158.00 during the Asian session as the US Dollar slumps to a one-month low amid heightened political uncertainty after early US midterm vote counts. Moreover, the prospect of gridlock in Washington drives safe-haven flows, triggering a fresh leg down in US bond yields and further weighing on the buck.

Gold continues scaling new weekly highs; eyes $4,050 as US sticks to elections-led losses

Gold builds on its strong intraday move up, hitting a series of new weekly tops, and climbing back close to the $4,050 level during the first half of the European session amid a broadly weaker US Dollar. Democrats’ wins in the House and Senate raise the prospect of gridlock in Washington. Moreover, heightened political uncertainty drove investors to safe-haven assets, exerting some downward pressure on US bond yields. This is seen weighing on the Greenback and supporting the precious metal.

Bitcoin tests critical support, Ethereum struggles below resistance, XRP extends losses

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Wednesday as bearish momentum continues to weigh on prices. BTC approaches key support around $76,466, and a decisive close below could open the door to deeper losses. Meanwhile, ETH struggles below key resistance while XRP faces rejection at the upper trendline of a falling channel pattern, all hinting at deeper losses.

ADP Employment Report expected to show slower job growth in October

The Automatic Data Processing Research Institute is due to release October’s private-sector employment report on Wednesday. The market consensus anticipates a moderate slowdown in job creation, with the ADP Employment Change expected to show 69K new private jobs in October, down from 90K in September.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.