#USDINR @ 81.6370 remains firmer for the second consecutive day, grinds near intraday top., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/INR remains firmer for the second consecutive day, grinds near intraday top.
• Successful break of three-week-old descending trend line, upbeat oscillators suggest upside break of 100-DMA.
• Previous support line from early August 2022 acts as the last defense of USD/INR bears.

The pair currently trades last at 81.6370.

The previous day high was 81.5026 while the previous day low was 80.8822. The daily 38.2% Fib levels comes at 81.2656, expected to provide support. Similarly, the daily 61.8% fib level is at 81.1191, expected to provide support.

USD/INR holds onto the week-start breakout of the previously key resistance line as bulls flirt with the 81.65 level during an initial hour of the Indian trading session on Tuesday. Even so, the 100-DMA challenges the immediate upside moves near 81.80.

It’s worth noting, however, that the receding bearish bias of the USD/INR and the upbeat RSI (14) suggest further upside of the pair.

Hence, the quote is likely to overcome the immediate barrier to the north near 81.80. Following that, the 82.00 round figure will be the focus of the USD/INR buyers.

In a case where USD/INR remains firmer past 82.00, the support-turned-resistance line from early August, near 82.10 at the latest, will be crucial to watch as a sustained break of which might give control to the bulls.

On the flip side, the immediate support line from January 06, the previous resistance near 81.40, puts a floor under the USD/INR declines.

Should the quote remains weak past 81.40, the 81.00 round figure and the monthly low marked on Monday close to 80.90 may entertain the USD/INR bears.

If at all the Indian Rupee (INR) pair refreshes it’s monthly low, November’s trough surrounding 80.35 should be in the spotlight.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDINR currently trading at 81.6505 at the time of writing. Pair opened at 81.4804 and is trading with a change of 0.21% % .

The pair is trading below its 20 Daily moving average @ 82.0146, below its 50 Daily moving average @ 82.0485 , below its 100 Daily moving average @ 81.7459 and above its 200 Daily moving average @ 80.1042

The previous day high was 81.5026 while the previous day low was 80.8822. The daily 38.2% Fib levels comes at 81.2656, expected to provide support. Similarly, the daily 61.8% fib level is at 81.1191, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 81.0742, 80.668, 80.4538
• Pivot resistance is noted at 81.6946, 81.9088, 82.315

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