The USDINR pair experiences a slight decrease on Friday, falling further after a previous decrease from its highest point in the past two weeks.

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• USD/INR edges lower on Friday and extends the overnight pullback from a two-week high.

The pair currently trades last at 82.0250.

The previous day high was 82.259 while the previous day low was 81.996. The daily 38.2% Fib levels comes at 82.1585, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.0965, expected to provide resistance.

The USD/INR pair edges lower during the Asian session on Friday and moves further away from a two-week high, around the 82.25 region touched the previous day. Spot prices, however, manage to hold above the 82.00 mark and remain confined in a familiar trading band held over the past two weeks or so.

Against the backdrop of the recent pullback from the vicinity of the 83.00 mark, the recent range-bound price action might still be categorized as a bearish consolidation phase. Moreover, the overnight failure to find acceptance above a technically significant 200-day Simple Moving Average (SMA) and the subsequent slide suggests that the path of least resistance for the USD/INR pair is to the downside.

Furthermore, technical indicators on the daily chart – though have been recovering from lower levels – are still holding in the bearish territory. That said, it will still be prudent to wait for a sustained break below the trading range support, around the 81.85 area, before placing fresh bearish bets around the USD/INR pair and positioning for a slide to the 81.50 en route to sub-81.00 levels or the monthly swing low.

On the flip side, some follow-through buying beyond the overnight swing high, around the 82.25 region, could be seen as a positive breakout through the short-term trading range and pave the way for additional gains. The subsequent move up has the potential to lift the USD/INR pair back towards the 82.70-82.75 intermediate hurdle, above which bulls are likely to make a fresh attempt to conquer the 83.00 mark.

Technical Levels: Supports and Resistances

USDINR currently trading at 82.0415 at the time of writing. Pair opened at 82.0734 and is trading with a change of -0.04 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 82.1688, 50 SMA 82.2012, 100 SMA @ 82.2586 and 200 SMA @ 82.1472.

The previous day high was 82.259 while the previous day low was 81.996. The daily 38.2% Fib levels comes at 82.1585, expected to provide resistance. Similarly, the daily 61.8% fib level is at 82.0965, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 81.9599, 81.8465, 81.6969
• Pivot resistance is noted at 82.2229, 82.3725, 82.4859

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