The USDINR exchange rate has risen for three consecutive days, reaching 82.1440, as investors aim for the 200-day exponential moving average. According to an analyst named Nehcap, they anticipate that the currency pair will continue to recover in the future.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• USD/INR edges higher for the third consecutive day as bull’s eye 200-EMA.

The pair currently trades last at 82.1440.

The previous day high was 82.2488 while the previous day low was 81.9215. The daily 38.2% Fib levels comes at 82.1237, expected to provide support. Similarly, the daily 61.8% fib level is at 82.0465, expected to provide support.

USD/INR clings to mild gains around 82.17 amid the early hours of Monday morning in Europe. In doing so, the Indian Rupee (INR) remains firmer for the third consecutive day after bouncing off a fortnight-old rising support line in the last week.

Not only the pair’s rebound from a short-term trend line support but the firmer RSI (14) line, not overbought, also underpin hopes of USD/INR recovery.

However, the 200-Exponential Moving Average (EMA) hurdle of around 82.22 by the press time challenges the USD/INR pair’s immediate upside.

Following that, a seven-day-long falling resistance line, close to 82.40 at the latest, will act as the last defense of the Indian Rupee pair seller’s defense, a break of which could trigger a run-up towards the early July’s swing low surrounding 82.55.

It’s worth noting that the monthly high of near 82.85 and May’s peak surrounding 83.00 appears tough nuts to crack for the USD/INR bulls afterward.

Meanwhile, the USD/INR pair sellers need to market a sustained downside break of the aforementioned two-week-old rising support line, close to the 82.00 psychological magnet.

In a case where the Indian Rupee buyers manage to conquer the 82.00 support, the odds of witnessing a slump toward the monthly low of around 81.75 can’t be ruled out.

Trend: Further recovery expected

Technical Levels: Supports and Resistances

USDINR currently trading at 82.177 at the time of writing. Pair opened at 82.1363 and is trading with a change of 0.05% % .

The pair is trading above its 20 Daily moving average @ 82.1484, below its 50 Daily moving average @ 82.305 , below its 100 Daily moving average @ 82.2068 and below its 200 Daily moving average @ 82.1791

The previous day high was 82.2488 while the previous day low was 81.9215. The daily 38.2% Fib levels comes at 82.1237, expected to provide support. Similarly, the daily 61.8% fib level is at 82.0465, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 81.9556, 81.7749, 81.6284
• Pivot resistance is noted at 82.2829, 82.4294, 82.6102

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...