#USDINR @ 81.5300 USDINR rises for the fourth consecutive day despite easing from intraday high of late. (Pivot Orderbook analysis)

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• USDINR rises for the fourth consecutive day despite easing from intraday high of late.
• China-linked fears join a rebound in the US Treasury yields to favor bulls.
• Sluggish markets and lack of major data/events challenge upside momentum.

The pair currently trades last at 81.5300.

The previous day high was 81.575 while the previous day low was 81.013. The daily 38.2% Fib levels comes at 81.3603, expected to provide support. Similarly, the daily 61.8% fib level is at 81.2277, expected to provide support.

USDINR retreats from intraday high but flashes a four-day winning streak around 81.55 during early Thursday. In doing so, the Indian Rupee (INR) pair fails to cheer downbeat oil prices amid the recent rebound in the US Dollar.

That said, US Dollar Index (DXY) snaps a two-day downtrend as it prints mild gains around 106.50 by the press time. In doing so, the greenback’s gauge versus six major currencies traces the recently firmer US Treasury yields. The benchmark US 10-year Treasury yields rose 1.2 basis points (bps) to 3.70% while printing the first positive in four days by the press time.

Elsewhere, looming concerns over China’s economic growth and challenges for Asia also exert downside pressure on the INR. “Calibrating China’s zero-COVID strategy to mitigate the country’s economic impact will be critical to sustain and balance the recovery,” said Gita Gopinath, the first Deputy Managing Director of the International Monetary Fund (IMF), at the Caixin Summit on Thursday.

Additionally, fears of slower growth and recently easy inflation from India, as well as political jitters, keep USDINR buyers hopeful.

It should be noted that the WTI crude oil prices drop 1.0% to $83.80 during a two-day downtrend while S&P 500 Futures lack clear directions. Also, MSCI’s index of Asia-Pacific shares outside Japan drops 1.7% while easing from the two-month high flashed the previous day.

Moving on, risk catalysts may direct the gold price amid a lack of major data events ahead of the US Weekly Jobless Claims and Philadelphia Fed Manufacturing Survey for November.

USDINR bulls need a daily closing beyond the 50-DMA hurdle of 81.55, as well as a successful break of the 21-DMA resistance of 81.95, to keep the reins.

Technical Levels: Supports and Resistances

USDINR currently trading at 81.522 at the time of writing. Pair opened at 81.4704 and is trading with a change of 0.06% % .

The pair is trading below its 20 Daily moving average @ 81.9776, above its 50 Daily moving average @ 81.5029 , above its 100 Daily moving average @ 80.531 and above its 200 Daily moving average @ 78.6099

The previous day high was 81.575 while the previous day low was 81.013. The daily 38.2% Fib levels comes at 81.3603, expected to provide support. Similarly, the daily 61.8% fib level is at 81.2277, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 81.1306, 80.7908, 80.5686
• Pivot resistance is noted at 81.6926, 81.9148, 82.2546

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