USD/INR Price News: Monthly support break favors Indian Rupee buyers near 82.70
- USD/INR renews intraday low, after four-week uptrend, on technical breakdown.
- Downbeat oscillators add strength to the fall targeting 100-SMA, 200-SMA.
- Weekly descending trend line adds to the upside filters.
USD/INR takes offers to refresh intraday low near 82.65 during the initial Indian trading session on Monday.
In doing so, the Indian Rupee (INR) pair justifies the early day’s downside break of a one-month-old ascending trend line to print the first daily loss after witnessing four consecutive weeks of a run-up.
Not only the trend line breakdown but the bearish MACD signals and the downbeat RSI (14), not oversold, also signals the INR pair’s further downside towards the 100-SMA, close to 82.40 by the press time.
However, the 200-SMA level surrounding the 82.00 round figure could challenge the USD/INR bears afterward.
In a case where the USD/INR pair remains bearish past the 82.00 threshold, the late January’s swing high near 81.80 could act as the last defense of the pair buyers.
On the flip side, recovery moves need to cross the previous support line from January 23, close to 82.75, to recall the USD/INR buyers.
Even so, a one-week-old descending trend line could challenge the recovery moves near the 82.85 hurdle.
Should the USD/INR bulls remain dominant past 82.85, an upward-sloping resistance line from February 07, close to 83.15 at the latest, may lure the pair buyers.
Overall, USD/INR is likely to decline further but the downside room appears limited.
USD/INR: Four-hour chart
Trend: Further 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.
