- USD/INR picks up bids to extend bounce of seven-month-old ascending support line.
- RSI rebound from oversold territory favor corrective move in Indian Rupee.
- 100-DMA acts as extra upside filter before welcoming USD/INR bulls.
- Multi-month-old symmetrical triangle restricts the pair’s broad moves, suggest further recovery.
USD/INR renews its intraday high near 82.10 as it prints a three-day uptrend while bouncing off the key support line amid early Tuesday in Europe.
The Indian Rupee (INR) pair’s recovery also takes clues from the RSI (14) line as it improves toward the 50.0 level of late.
However, the bearish MACD signals require the USD/INR pair buyers to wait for a daily closing beyond the 200-DMA hurdle of around 82.10 to retake control. Even so, the 100-DMA resistance of near 82.30 will act as an extra filter toward the north.
Above all, a symmetrical triangle formation established since October 2022 restricts USD/INR moves between 82.00 and 82.80 of late.
That said, the pair’s latest rebound from the support line will please short-term buyers before making them jostle with the 82.80 key hurdle, a break of which could quickly propel the USD/INR price beyond the 83.00 round figure.
On the flip side, a daily closing below the 82.00 support will make the pair vulnerable to refreshing the yearly low, currently around 80.90. In doing so, April’s bottom of around 81.50 may act as a buffer.
USD/INR: Daily chart
Trend: Further recovery expected
Comments are closed.