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.

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