#USDINR @ 81.7575 pares recent losses with mild gains around the key support, snaps five-day losing streak., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• USD/INR pares recent losses with mild gains around the key support, snaps five-day losing streak.
• Nearly oversold RSI conditions add strength to recovery expectations.
• Previous support line from early August, two-month-old horizontal resistance challenge bulls.
• Lows marked during December, November can entertain bears ahead of 200-DMA.

The pair currently trades last at 81.7575.

The previous day high was 82.5294 while the previous day low was 81.5905. The daily 38.2% Fib levels comes at 81.9492, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.1708, expected to provide resistance.

USD/INR rebounds from the lowest levels since early December, marked the previous day, as prints the first daily gains around 81.75 during Wednesday.

In doing so, the Indian Rupee (INR) pair bounces off the 100-DMA as the RSI (14) conditions favor short-covering moves.

However, the USD/INR pair buyers need to stay in the driver’s seat beyond crossing the previous support line from August, close to 81.75 at the latest, for conviction.

Even so, a horizontal resistance area comprising multiple levels marked since October 2022, around 82.10-05, could challenge the USD/INR upside.

It’s worth noting that 82.40 appears the last defense of the USD/INR bears, a break of which could quickly propel the quote towards the 83.00 round figure before highlighting the monthly high surrounding 83.10 for the buyers to trace.

Meanwhile, a daily closing below the 100-DMA level of 81.70 could help the USD/INR sellers to keep the reins.

In that case, the lows marked during December and November of 2022, around 81.00 and 80.37 in that order, could gain the bear’s attention.

Following that, the 200-DMA level surrounding 80.15 and the 80.00 psychological magnet could challenge the USD/INR bears afterward.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

USDINR currently trading at 81.674 at the time of writing. Pair opened at 81.6285 and is trading with a change of 0.06 % .

The pair is trading below its 20 Daily moving average @ 82.6311, below its 50 Daily moving average @ 82.089 , above its 100 Daily moving average @ 81.6073 and above its 200 Daily moving average @ 79.867

The previous day high was 82.5294 while the previous day low was 81.5905. The daily 38.2% Fib levels comes at 81.9492, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.1708, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 81.3029, 80.9772, 80.3639
• Pivot resistance is noted at 82.2418, 82.8551, 83.1807

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