The USDINR exchange rate, which reached 82.2200, ended its three-day period of gains as it consolidated its recovery from a 12-week low. According to Nehcap, it is anticipated that the currency pair will continue its recovery.

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• USD/INR snaps three-day winning streak while consolidating recovery from 12-week low.

The pair currently trades last at 82.2200.

The previous day high was 82.386 while the previous day low was 81.8885. The daily 38.2% Fib levels comes at 82.196, expected to provide support. Similarly, the daily 61.8% fib level is at 82.0786, expected to provide support.

USD/INR pares the first weekly gain in three while posting mild losses around 82.20 on Friday morning in India. In doing so, the Indian Rupee (INR) pair prints the first daily fall in four as markets brace for the Fed’s favorite inflation gauge, namely, the Core Personal Consumption Expenditure (PCE) Price Index for June, expected 4.2% YoY versus 4.6% prior.

Despite the USD/INR pair’s latest retreat, the 100-Exponential Moving Average (EMA), around 82.15 by the press time, restricts the immediate downside of the pair.

Following that, a convergence of an upward-sloping support line stretched from Tuesday and the 50% Fibonacci retracement of its late January-February upside, near the 82.00 round figure, will challenge the USD/INR bears.

In a case where the Indian Rupee pair drops below 82.00, the bottom line of a symmetrical triangle connecting levels marked since March, currently between 82.80 and 81.85, will be in the spotlight.

It’s worth observing that the 200-EMA and 61.8% Fibonacci retracement, near 81.70, appears a tough nut to crack for the USD/INR bears.

On the contrary, the 23.6% Fibonacci retracement level and the previously stated multi-day-old symmetrical triangle’s top line, respectively near 82.60 and 82.80, can challenge the USD/INR buyers during the fresh upside.

That said, the intraday buyers will wait for a fresh weekly high, around 82.40 by the press time, to initiate long positions.

Trend: Recovery expected

Technical Levels: Supports and Resistances

USDINR currently trading at 82.2036 at the time of writing. Pair opened at 82.374 and is trading with a change of -0.21% % .

The pair is trading above its 20 Daily moving average @ 82.1852, below its 50 Daily moving average @ 82.2772 , above its 100 Daily moving average @ 82.1959 and above its 200 Daily moving average @ 82.163

The previous day high was 82.386 while the previous day low was 81.8885. The daily 38.2% Fib levels comes at 82.196, expected to provide support. Similarly, the daily 61.8% fib level is at 82.0786, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 82.0464, 81.7186, 81.5488
• Pivot resistance is noted at 82.5439, 82.7138, 83.0415

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