#USDINR @ 82.6725 picks up bids to extend the previous day’s rebound inside bullish chart formation., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• USD/INR picks up bids to extend the previous day’s rebound inside bullish chart formation.
• 50-SMA adds strength to 82.75 hurdle for Indian Rupee bears.
• April’s peak, 200-SMA restrict short-term downside of USD/INR pair.
• US Dollar grinds higher amid default jitters, full markets’ reaction to US debt ceiling deal.

The pair currently trades last at 82.6725.

The previous day high was 82.738 while the previous day low was 82.5066. The daily 38.2% Fib levels comes at 82.6496, expected to provide support. Similarly, the daily 61.8% fib level is at 82.5949, expected to provide support.

USD/INR remains on the front foot around 82.67 amid the initial hour of the Indian trading session on Tuesday. With this, the Indian Rupee (INR) pair portrays the market’s favor to the US Dollar amid anxiety ahead of the key US jobs report, as well as due to the mixed concerns about the US debt ceiling agreement and its capacity to become the law.

Amid these plays, the US stock futures print mild gains but the Treasury bond yields remain pressured and challenge the US Dollar Index (DXY) bulls as the greenback’s gauge versus the six major currencies seesaws around a nine-week high.

Technically, the USD/INR pair portrays a falling wedge bullish chart formation on the four-hour play, recently approaching the top line of the stated pattern.

It’s worth noting that the recently bullish MACD signals and upbeat RSI (14) line, not overbought, underpin the USD/INR pair’s latest run-up targeting the confirmation of the falling wedge by crossing the 82.75 resistance. Adding strength to the 82.75 hurdle is the 50-bar Simple Moving Average (SMA).

In a case where the USD/INR pair remains strong past 82.75, the monthly peak of around 83.00 may prod the buyers during the theoretical target of the wedge breakout, near 83.25.

Meanwhile, the USD/INR pair’s downside remains limited unless the quote stays beyond the aforementioned wedge’s bottom line, close to 82.50 at the latest.

Even if the USD/INR drops below 82.50, the 200-SMA level of around 82.15 can act as the last defense of the Indian Rupee sellers. It should be observed late April 20 peak of 82.41 also challenges the USD/INR bears.

Trend: Further upside expected

Technical Levels: Supports and Resistances

USDINR currently trading at 82.6727 at the time of writing. Pair opened at 82.585 and is trading with a change of 0.11% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 82.3077, 50 SMA 82.1547, 100 SMA @ 82.1507 and 200 SMA @ 81.8701.

The previous day high was 82.738 while the previous day low was 82.5066. The daily 38.2% Fib levels comes at 82.6496, expected to provide support. Similarly, the daily 61.8% fib level is at 82.5949, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 82.4817, 82.3784, 82.2503
• Pivot resistance is noted at 82.7131, 82.8412, 82.9445

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