#USDINR @ 81.4200 has displayed a responsive buying action amid a recovery in US Treasury yields. (Pivot Orderbook analysis)

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• USD/INR has displayed a responsive buying action amid a recovery in US Treasury yields.
• The 20-and 50-EMAs are on the verge of delivering a bearish crossover around 82.15.
• A bearish range shift by the RSI (14) has triggered the downside momentum.

The pair currently trades last at 81.4200.

The previous day high was 81.782 while the previous day low was 81.0769. The daily 38.2% Fib levels comes at 81.3462, expected to provide support. Similarly, the daily 61.8% fib level is at 81.5127, expected to provide resistance.

The USD/INR pair has witnessed a responsive buying action to near the critical support of 81.00 in the Asian session. The Indian Rupee asset has witnessed buying interest again amid a recovery in the US Treasury yields. Also, a marginal rebound in the US Dollar Index (DXY) has supported USD/INR.

Meanwhile, the S&P500 futures have sensed selling pressure as investors have trimmed their longs in Asia after remaining bullish in the past three trading sessions. The US Dollar Index is aiming to shift its auction profile above the critical resistance of 102.00.

USD/INR has witnessed a sell-off after a breakdown of the consolidation formed in a range of 82.56-82.96 on a daily scale. On a broader note, the formation of the Double Top chart pattern around 83.29 triggered a bearish reversal.

The 20-and 50-period Exponential Moving Averages (EMAs) are on the verge of delivering a bear cross around 82.10, which will be added to the downside bias.

Also, the Relative Strength Index (RSI) (14) has shifted into the bearish range of 20.00-40.00, which indicates that the downside momentum is solid.

Going forward, a decisive break below the December low at 81.00 will further drag the asset towards September 23 low at 80.78 followed by November 11 low at 80.48.

On the flip side, a rebound move above November 21 high at around 82.00 will drive the asset toward December 15 low at 82.42. A breach above the latter will expose the asset to reach January high around 83.00.

Technical Levels: Supports and Resistances

USDINR currently trading at 81.3975 at the time of writing. Pair opened at 81.0972 and is trading with a change of 0.37 % .

The pair is trading below its 20 Daily moving average @ 82.4991, below its 50 Daily moving average @ 82.0307 , below its 100 Daily moving average @ 81.6378 and above its 200 Daily moving average @ 79.9215

The previous day high was 81.782 while the previous day low was 81.0769. The daily 38.2% Fib levels comes at 81.3462, expected to provide support. Similarly, the daily 61.8% fib level is at 81.5127, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 80.8554, 80.6136, 80.1503
• Pivot resistance is noted at 81.5605, 82.0238, 82.2656

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