USD/INR Price Analysis: MACD teases Indian rupee bears around 79.65
- USD/INR remains sidelined between 20-DMA support and monthly resistance line.
- Impending bull cross on MACD suggests further grinding towards the north.
- Fortnight-old support line, 50-DMA restricts short-term downside.
- A successful break of 80.00 appears necessary for buyers’ conviction.
USD/INR extends the previous day’s reversal from a two-week-old hurdle while taking rounds to 79.60-65 during the early Monday morning in Europe. Even so, the 20-DMA defends the Indian rupee (INR) sellers while the looming bull cross on the MACD teases the pair buyers.
That said, the quote’s recent weakness aims for the 20-DMA support of 79.50, a break of which could direct the USD/INR sellers towards the fortnight-old support line near 79.20.
Following that, the 50-DMA and an upward sloping support line from April, respectively near 79.00 and 78.45, will be crucial for the pair bears to watch. It’s worth observing that the monthly low of 78.40 acts as an extra filter to the south.
Alternatively, the USD/INR rebound needs to cross the aforementioned resistance line, at 79.90 by the press time, to convince buyers.
However, successful trading beyond the 80.00 psychological magnet appears necessary for the pair bulls to keep reins. In that case, the latest peak of 80.20 will be on the bull’s radar as an immediate hurdle.
Overall, USD/INR grinds higher with multiple filters that challenge the bears.
USD/INR: Daily chart
Trend: Further upside 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.
