#USDINR @ 82.7460 Price Analysis: Indian Rupee slides back below 82.60 key technical hurdle, @nehcap view: Further upside expected (Pivot Orderbook analysis)
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The pair currently trades last at 82.7460.
The previous day high was 82.981 while the previous day low was 82.573. The daily 38.2% Fib levels comes at 82.7289, expected to provide support. Similarly, the daily 61.8% fib level is at 82.8252, expected to provide resistance.
USD/INR renews its intraday high near 82.75 as it extends late Wednesday’s rebound from a short-term key support confluence to early Thursday in Europe. In doing so, the Indian Rupee (INR) consolidates the biggest daily loss in a month.
50-SMA and an upward-sloping trend line from May 08 together restrict short-term USD/INR downside near 82.60.
The recovery moves, however, appear elusive unless crossing the 21-SMA hurdle of around 82.75.
It’s worth noting that the bearish MACD signals challenge the USD/INR pair buyers as the key jostle with the 21-SMA resistance, a break of which could propel prices towards a one-week-old horizontal resistance zone surrounding 82.95-97.
Following that, the 83.00 rounds figure can act as the last defense of the USD/INR pair bears before pushing the quote towards the record high of around 83.40 marked the last year.
On the flip side, the USD/INR pair’s break of the 82.60 support confluence could quickly drag it toward the 100-SMA level of near 82.25. Though, a horizontal area comprising multiple lows marked since May 09, near 82.15 can challenge the Indian Rupee pair’s further downside.
Overall, USD/INR remains on the bull’s radar but the upside past 83.00 appears doubtful.
Trend: Further upside expected
Technical Levels: Supports and Resistances
USDINR currently trading at 82.7455 at the time of writing. Pair opened at 82.681 and is trading with a change of 0.08% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 82.7455 |
| 1 | Today Daily Change | 0.0645 |
| 2 | Today Daily Change % | 0.08% |
| 3 | Today daily open | 82.681 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 82.1738, 50 SMA 82.1504, 100 SMA @ 82.1423 and 200 SMA @ 81.8285.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 82.1738 |
| 1 | Daily SMA50 | 82.1504 |
| 2 | Daily SMA100 | 82.1423 |
| 3 | Daily SMA200 | 81.8285 |
The previous day high was 82.981 while the previous day low was 82.573. The daily 38.2% Fib levels comes at 82.7289, expected to provide support. Similarly, the daily 61.8% fib level is at 82.8252, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 82.5091, 82.337, 82.1011
- Pivot resistance is noted at 82.9171, 83.1531, 83.3251
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 82.9810 |
| Previous Daily Low | 82.5730 |
| Previous Weekly High | 82.9554 |
| Previous Weekly Low | 82.1655 |
| Previous Monthly High | 82.5092 |
| Previous Monthly Low | 81.4850 |
| Daily Fibonacci 38.2% | 82.7289 |
| Daily Fibonacci 61.8% | 82.8252 |
| Daily Pivot Point S1 | 82.5091 |
| Daily Pivot Point S2 | 82.3370 |
| Daily Pivot Point S3 | 82.1011 |
| Daily Pivot Point R1 | 82.9171 |
| Daily Pivot Point R2 | 83.1531 |
| Daily Pivot Point R3 | 83.3251 |
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