The USDINR currency pair is experiencing slight decreases, marking the first time in four days, but at the same time reducing its overall gains for the week.

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• USD/INR clings to mild daily losses, the first in four, while paring weekly gains.

The pair currently trades last at 82.6650.

The previous day high was 82.8334 while the previous day low was 82.3034. The daily 38.2% Fib levels comes at 82.6309, expected to provide support. Similarly, the daily 61.8% fib level is at 82.5059, expected to provide support.

USD/INR remains on the back foot around the intraday low of 82.62 heading into Friday’s European session. In doing so, the Indian Rupee (INR) pair prints the first daily loss in four while reversing from a six-week high.

That said, the quote’s latest positioning could be linked to the market’s cautious mood ahead of today’s US NFP, as well as mixed headlines about China, not to forget the firmer Oil price.

It’s worth noting that an absence of a harsh tone in China Finance Ministry’s comments about the US-China ties when US Treasury Secretary is in Beijing seems to recently help the market consolidate the previous day’s heavy pessimism.

On the other hand, Oil price remains up for the fourth consecutive day, bracing for a second weekly gain. It should be observed that the WTI crude oil price stays mildly bid near $72.20 by the press time.

Given the Indian Rupee’s inverse correlation with the oil price, mainly due to the nation’s heavy reliance on energy imports, a firmer Oil price can propel the USD/INR pair, especially when the hawkish Fed bets underpin the US Dollar, despite the latest retreat.

Amid these plays, S&P500 Futures print mild losses whereas markets in Asia keep the red. Additionally, the US Treasury bond yields remain firmer at the multi-day high to put a floor under the USD/INR price.

Looking ahead, market players brace for the headline Nonfarm Payrolls (NFP), expected to ease to 225K from 339K, as well as risk catalysts. Should the jobs report arrive as positive and the market sentiment remains downbeat, the USD/INR can witness a fresh upside.

A successful upside break of the 200-DMA, around 82.20 by the press time, keeps USD/INR bulls hopeful despite the latest retreat. That said, the 83.00 round figure comprising multiple levels marked since October 2022 restricts the short-term upside of the pair.

Technical Levels: Supports and Resistances

USDINR currently trading at 82.6797 at the time of writing. Pair opened at 82.7713 and is trading with a change of -0.11% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 82.1065, 50 SMA 82.2392, 100 SMA @ 82.2367 and 200 SMA @ 82.1667.

The previous day high was 82.8334 while the previous day low was 82.3034. The daily 38.2% Fib levels comes at 82.6309, expected to provide support. Similarly, the daily 61.8% fib level is at 82.5059, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 82.4387, 82.1061, 81.9088
• Pivot resistance is noted at 82.9686, 83.1659, 83.4985

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