Although there has been no recent action, bears still have control and USDINR stands at a weekly low of 81.9290. However, @nehcap believes that any potential losses will be minimal.
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- USD/INR bears keep the reins at weekly low despite recent inaction.
The pair currently trades last at 81.9290.
The previous day high was 82.1439 while the previous day low was 81.9185. The daily 38.2% Fib levels comes at 82.0046, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.0578, expected to provide resistance.
USD/INR bears flirt with the short-term key supports around 81.90 amid the sluggish Asian session during early Thursday, mainly due to China’s holiday and cautious mood ahead of the key central bank announcements.
In doing so, the Indian Rupee (INR) pair holds onto the early-week U-turn from the 50-SMA amid the looming bear cross on the MACD.
It’s worth noting, however, that the below 50.0 RSI (14) line suggests bottom-picking of the USD/INR pair and hence highlight the ascending support line from April 14, as well as a 2.5-month-old horizontal support zone, respectively near 81.95 and around 81.85-80.
Hence, the USD/INR bears need validation from 81.80 to tighten the grip. Following that, the lows marked in May and April, close to 81.65 and 81.50 in that order, will be in the spotlight ahead of the yearly bottom of 80.88 marked in January.
On the flip side, USD/INR rebound needs validation from the 50-SMA hurdle of 82.10 to convince intraday buyers.
Even so, a downward-sloping trend line from late May and the 200-SMA can challenge the Indian Rupee sellers near 82.25 and 82.40.
Overall, USD/INR remains on the bear’s radar unless crossing 82.40 but the downside room appears limited.
Trend: Limited downside expected
Technical Levels: Supports and Resistances
USDINR currently trading at 81.9305 at the time of writing. Pair opened at 81.937 and is trading with a change of -0.01% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 81.9305 |
| 1 | Today Daily Change | -0.0065 |
| 2 | Today Daily Change % | -0.01% |
| 3 | Today daily open | 81.937 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 82.3485, 50 SMA 82.2039, 100 SMA @ 82.2919 and 200 SMA @ 82.088.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 82.3485 |
| 1 | Daily SMA50 | 82.2039 |
| 2 | Daily SMA100 | 82.2919 |
| 3 | Daily SMA200 | 82.0880 |
The previous day high was 82.1439 while the previous day low was 81.9185. The daily 38.2% Fib levels comes at 82.0046, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.0578, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 81.8557, 81.7743, 81.6302
- Pivot resistance is noted at 82.0811, 82.2252, 82.3066
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 82.1439 |
| Previous Daily Low | 81.9185 |
| Previous Weekly High | 82.5680 |
| Previous Weekly Low | 81.8477 |
| Previous Monthly High | 82.9810 |
| Previous Monthly Low | 81.6435 |
| Daily Fibonacci 38.2% | 82.0046 |
| Daily Fibonacci 61.8% | 82.0578 |
| Daily Pivot Point S1 | 81.8557 |
| Daily Pivot Point S2 | 81.7743 |
| Daily Pivot Point S3 | 81.6302 |
| Daily Pivot Point R1 | 82.0811 |
| Daily Pivot Point R2 | 82.2252 |
| Daily Pivot Point R3 | 82.3066 |
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