#USDINR @ 82.3250 struggles for clear directions after snapping three-day uptrend the previous day., @nehcap view: Gradual upside expected (Pivot Orderbook analysis)

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• USD/INR struggles for clear directions after snapping three-day uptrend the previous day.
• One-month-old horizontal region, ascending trend line from May 07 limit immediate moves of Indian Rupee pair.
• Upbeat RSI (14) suggests continuation of northward grind; 200-SMA acts as the last defense of USD/INR bulls.

The pair currently trades last at 82.3250.

The previous day high was 82.3785 while the previous day low was 82.1655. The daily 38.2% Fib levels comes at 82.2469, expected to provide support. Similarly, the daily 61.8% fib level is at 82.2971, expected to provide support.

USD/INR treads water around 82.30 as it jostles with the one-month-old horizontal resistance area during early Wednesday.

That said, the Indian Rupee (INR) pair retreated from the stated hurdle surrounding 82.40-42 the previous day while printing the first daily loss in four.

However, the upbeat RSI (14) line, not overbought, favors the extension of the Indian Rupee (INR) pair’s slow grind toward the north triggered earlier in May. With this, the USD/INR pair buyers are hopeful of overcoming the 82.42 resistance zone.

Following that, the 61.8% Fibonacci retracement level of the pair’s March-April downside, near 82.45 and the previous monthly high of around 82.50 may check the USD/INR bulls before directing them to the March’s high of 83.03.

Alternatively, a one-week-old ascending support line, close to 82.20 by the press time, puts a floor under the USD/INR prices for the short term.

In a case where the USD/INR breaks the 82.20 support, the 82.00 psychological magnet and the 200-SMA surrounding 81.95 could probe the pair sellers before giving them control.

To sum up, USD/INR is expected to keep the latest upside move but the road toward the north is long and bumpy.

Trend: Gradual upside expected

Technical Levels: Supports and Resistances

USDINR currently trading at 82.3034 at the time of writing. Pair opened at 82.2939 and is trading with a change of 0.01% % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 81.9582, 50 SMA 82.0913, 100 SMA @ 82.1439 and 200 SMA @ 81.7285.

The previous day high was 82.3785 while the previous day low was 82.1655. The daily 38.2% Fib levels comes at 82.2469, expected to provide support. Similarly, the daily 61.8% fib level is at 82.2971, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 82.1801, 82.0663, 81.9671
• Pivot resistance is noted at 82.3931, 82.4923, 82.6061

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