#USDINR @ 81.7550 bounces off multi-day low to consolidate the first weekly loss in six., @nehcap view: Bearish (Pivot Orderbook analysis)
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- USD/INR bounces off multi-day low to consolidate the first weekly loss in six.
- Convergence of 100-DMA, 23.6% Fibonacci retracement guards recovery moves.
- A 4.5-month-old symmetrical triangle advocates volatility; 200-DMA appears extra filter towards the south.
The pair currently trades last at 81.7550.
The previous day high was 82.5841 while the previous day low was 81.6486. The daily 38.2% Fib levels comes at 82.0059, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.2268, expected to provide resistance.
USD/INR prints mild gains around 81.85 as the bears lick their wounds early Monday. In doing so, the Indian Rupee (INR) pair rebounds from the lowest levels since February 02, marked the previous day, to consolidate the biggest weekly loss since early November. It’s worth noting that the quote marked the first weekly negative closing in six by the end of Friday’s North American session.
Overall, the USD/INR pair remains inside a broad symmetrical triangle comprising multiple levels marked since October 2022, currently between 82.90 and 81.30.
That said, the bearish MACD signals and downbeat RSI (14) raise doubts about the USD/INR pair’s corrective bounce off the multi-day low.
Even if the quote remains firmer, the 100-DMA and 23.6% Fibonacci retracement level of the pair’s August-October 2022 upside, near 82.15-20, appears a tough nut to crack for the USD/INR bulls.
On the contrary, the USD/INR pair’s fresh weakness could aim for the stated triangle’s support line of around 81.30 before challenging the 200-DMA support of near the 81.00 round figure.
Should the USD/INR pair remains weak past 81.00, lows marked during January 2022 and the last November, respectively near 80.90 and 80.35, might gain the market’s attention.
Trend: Bearish
Technical Levels: Supports and Resistances
USDINR currently trading at 81.8485 at the time of writing. Pair opened at 81.7124 and is trading with a change of 0.17% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 81.8485 |
| 1 | Today Daily Change | 0.1361 |
| 2 | Today Daily Change % | 0.17% |
| 3 | Today daily open | 81.7124 |
The pair is trading below its 20 Daily moving average @ 82.6397, below its 50 Daily moving average @ 82.2284 , below its 100 Daily moving average @ 82.1541 and above its 200 Daily moving average @ 80.8776
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 82.6397 |
| 1 | Daily SMA50 | 82.2284 |
| 2 | Daily SMA100 | 82.1541 |
| 3 | Daily SMA200 | 80.8776 |
The previous day high was 82.5841 while the previous day low was 81.6486. The daily 38.2% Fib levels comes at 82.0059, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.2268, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 81.3793, 81.0461, 80.4437
- Pivot resistance is noted at 82.3149, 82.9173, 83.2505
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 82.5841 |
| Previous Daily Low | 81.6486 |
| Previous Weekly High | 83.0820 |
| Previous Weekly Low | 81.6486 |
| Previous Monthly High | 83.0820 |
| Previous Monthly Low | 81.5032 |
| Daily Fibonacci 38.2% | 82.0059 |
| Daily Fibonacci 61.8% | 82.2268 |
| Daily Pivot Point S1 | 81.3793 |
| Daily Pivot Point S2 | 81.0461 |
| Daily Pivot Point S3 | 80.4437 |
| Daily Pivot Point R1 | 82.3149 |
| Daily Pivot Point R2 | 82.9173 |
| Daily Pivot Point R3 | 83.2505 |
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