#USDINR @ 82.1370 is seen oscillating in a narrow trading band above the 82.00 round figure. (Pivot Orderbook analysis)

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• USD/INR is seen oscillating in a narrow trading band above the 82.00 round figure.
• Neutral technical indicators on the daily chart hold back traders from placing bets.
• Any meaningful slide could be seen as a buying opportunity near the 200-day SMA.

The pair currently trades last at 82.1370.

The previous day high was 82.4176 while the previous day low was 82.0505. The daily 38.2% Fib levels comes at 82.1907, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.2773, expected to provide resistance.

The USD/INR pair struggles to gain any meaningful traction on Friday and oscillates in a narrow trading band above the 82.00 mark heading into the European session.

From a technical perspective, neutral oscillators on the daily chart haven’t been supportive of any firm near-term direction. This, in turn, holds back traders from placing aggressive bets and leads to subdued price action on the last day of the week. The USD/INR pair, however, has managed to hold its neck above the 81.50 horizontal support. The said area now coincides with the very important 200-day Simple Moving Average (SMA) and should act as a pivotal point.

A convincing breakdown through the aforementioned support will be seen as a fresh trigger for bearish traders and pave the way for deeper losses. The USD/INR might then accelerate the fall towards testing the 81.00 round-figure mark. The downward trajectory could get extended further towards the next relevant support near the 81.40-81.30 region, which if broken decisively will confirm that spot prices have topped out and set the stage for a further depreciating move.

On the flip side, the monthly swing high, around the 82.50 level, might now act as an immediate hurdle, above which a bout of a short-covering move should allow the USD/INR pair to make a fresh attempt to conquer the 83.00 mark. Some follow-through buying beyond the 83.20-83.30 supply zone, or the all-time peak, will mark a fresh bullish breakout and prompt aggressive technical buying, paving the way for a move towards reclaiming the 84.00 round-figure mark.

Technical Levels: Supports and Resistances

USDINR currently trading at 82.154 at the time of writing. Pair opened at 82.1482 and is trading with a change of 0.01 % .

The pair is trading above its 20 Daily moving average @ 82.0633, below its 50 Daily moving average @ 82.3161 , below its 100 Daily moving average @ 82.2475 and above its 200 Daily moving average @ 81.5139

The previous day high was 82.4176 while the previous day low was 82.0505. The daily 38.2% Fib levels comes at 82.1907, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.2773, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 81.9933, 81.8384, 81.6262
• Pivot resistance is noted at 82.3603, 82.5725, 82.7274

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