#USDINR @ 79.8180 -imp levels: is advancing sharply to recapture its all-time-high at 80.21.

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• USD/INR is advancing sharply to recapture its all-time-high at 80.21.
• An ascending triangle formation indicates that bulls need to wait for more for a fresh rally.
• Ascending 200-EMA indicates that the upside bias is intact.

The pair currently trades last at 79.8180.

The previous day high was 80.04 while the previous day low was 79.7125. The daily 38.2% Fib levels comes at 79.8376, expected to provide resistance. Similarly, the daily 61.8% fib level is at 79.9149, expected to provide resistance.

The USD/INR pair has displayed a firmer rebound from a low near 79.75 in the Asian session. On a broader note, the asset is oscillating in a tad wider range of 79.68-80.11 from the past week. Investors are expected to adopt a wait-and-watch approach ahead of Jackson Hole Economic Symposium.

On a four-hour scale, the asset is oscillating in an Ascending Triangle chart pattern that favors consolidation with a positive bias. The upward-sloping trendline of the above-mentioned chart pattern is placed from August 2 low at 78.41. While the horizontal resistance is plotted from all-time highs at 80.21.

The 50-period Exponential Moving Average (EMA) at 79.71 has acted as major support for the counter. Also, the 200-EMA at 79.43 is scaling gradually higher, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00, which indicates a consolidation ahead.

A minor correction to near 50-EMA at 79.71 will trigger a bargain buy as oscillators will get oversold. An occurrence of the same will send the asset towards 80.21. A break above 80.21 will send the asset into unchartered territory and will drive the asset towards a crucial resistance at 80.50.

On the flip side, a downside move below the August 16 low at 79.14 will drag the asset towards July 7 low at 78.90, followed by the August 2 low at 78.42.

Technical Levels: Supports and Resistances

USDINR currently trading at 79.8251 at the time of writing. Pair opened at 79.7755 and is trading with a change of 0.06 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 79.4394, 50 SMA 79.2574, 100 SMA @ 78.1655 and 200 SMA @ 76.7007.

The previous day high was 80.04 while the previous day low was 79.7125. The daily 38.2% Fib levels comes at 79.8376, expected to provide resistance. Similarly, the daily 61.8% fib level is at 79.9149, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 79.6453, 79.5152, 79.3178
• Pivot resistance is noted at 79.9728, 80.1702, 80.3003

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