The USD to INR currency pair, at a rate of 83.0570, is observed to be trading within a small range slightly higher than the 83.00 level.
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- USD/INR is seen consolidating in a narrow band just above the 83.00 mark.
The pair currently trades last at 83.0570.
The previous day high was 83.2896 while the previous day low was 82.7745. The daily 38.2% Fib levels comes at 83.0928, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.9712, expected to provide support.
The USD/INR pair struggles to capitalize on its modest gains registered over the past two days and oscillates in a narrow range through the Asian session on Friday. Spot prices currently trade just above the 83.00 mark and the setup suggests that the path of least resistance is to the upside.
The positive outlook is reinforced by the fact that the USD/INR pair is holding comfortably above technically significant 100-day and 200-day Simple Moving Averages (SMAs). Moreover, positive oscillators on the daily chart – though have been losing traction – favour bullish traders and validate the near-term positive outlook. Hence, some follow-through strength beyond last week’s swing high, around the 83.20-83.25 region, en route to the record high, around the 83.45 region touched in August, looks like a distinct possibility.
On the flip side, any meaningful slide might continue to find some support near the 82.80 area or the weekly low. This is followed by the 100-day and the 200-day SMAs confluence, currently pegged around the 82.45-82.35 region, which should act as a pivotal point. A convincing break below might prompt some technical selling and make the USD/INR pair vulnerable to accelerate the slide to the 82.00 mark.
The downward trajectory could get extended further towards the July monthly swing low, around the 81.70-81.65 region. Failure to defend the said support levels will suggest that USD/INR has topped out in the near term and pave the way for a meaningful corrective decline. Spot prices might then weaken towards the 81.35 intermediate support before eventually dropping towards testing sub-81.00 levels.
Technical Levels: Supports and Resistances
USDINR currently trading at 83.0397 at the time of writing. Pair opened at 83.0786 and is trading with a change of -0.05 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 83.0397 |
| 1 | Today Daily Change | -0.0389 |
| 2 | Today Daily Change % | -0.0500 |
| 3 | Today daily open | 83.0786 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 82.8992, 50 SMA 82.6596, 100 SMA @ 82.4494 and 200 SMA @ 82.3447.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 82.8992 |
| 1 | Daily SMA50 | 82.6596 |
| 2 | Daily SMA100 | 82.4494 |
| 3 | Daily SMA200 | 82.3447 |
The previous day high was 83.2896 while the previous day low was 82.7745. The daily 38.2% Fib levels comes at 83.0928, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.9712, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 82.8055, 82.5325, 82.2905
- Pivot resistance is noted at 83.3206, 83.5626, 83.8356
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 83.2896 |
| Previous Daily Low | 82.7745 |
| Previous Weekly High | 83.3714 |
| Previous Weekly Low | 82.5850 |
| Previous Monthly High | 83.5505 |
| Previous Monthly Low | 82.2240 |
| Daily Fibonacci 38.2% | 83.0928 |
| Daily Fibonacci 61.8% | 82.9712 |
| Daily Pivot Point S1 | 82.8055 |
| Daily Pivot Point S2 | 82.5325 |
| Daily Pivot Point S3 | 82.2905 |
| Daily Pivot Point R1 | 83.3206 |
| Daily Pivot Point R2 | 83.5626 |
| Daily Pivot Point R3 | 83.8356 |
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