USD/INR Price Analysis: Indian Rupee buyers need to keep the reins past 82.80

USD/INR Price Analysis: Indian Rupee buyers need to keep the reins past 82.80

Time Stamp: May 24, 2023 1:15 AM
Source Node: 2673345

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  • USD/INR takes offers to refresh intraday low, reverses from five-week high.
  • Failure to cross five-month-old resistance line joins overbought RSI to lure Indian Rupee buyers.
  • Descending trend line from October 2022, bullish MACD signals prod bears.

USD/INR renews intraday bottom around 82.80 while extending pullback from a five-week high during early Wednesday. In doing so, the pair registers failure to cross the yearly resistance line amid the overbought RSI.

However, the bullish MACD signals and the resistance-turned-support line stretched from late 2022, close to 82.80 by the press time, challenge the Indian Rupee (INR) buyers of late.

Should the quote manages to provide a daily close below the 82.80 level, it can quickly fall to the previous monthly high of near 82.50 ahead of targeting the late April swing high of around 82.40.

Though, a convergence of the 50-DMA and 100-DMA, around 82.15, appears a tough nut to crack for the USD/INR bears afterward.

Even if the quote breaks the 82.15 level, an upward-sloping support line from November 2022, close to 81.75 at the latest, can act as the last defense of the USD/INR buyers.

On the contrary, a daily closing beyond the falling resistance line from the last December, near the 83.00 round figure, won’t hesitate to challenge the record high marked in 2022 around 83.40.

It’s worth noting that the late 2022 peaks of near 83.20 may offer intermediate halts during the quote’s upside past 83.00.

USD/INR: Daily chart

Trend: Further downside expected

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