USD/INR Price Analysis: Indian Rupee sellers keeps the reins but 82.60 is the key hurdle
- USD/INR grinds near intraday high during three-day winning streak.
- Two-week-old descending trend channel prods Indian Rupee sellers.
- Upbeat oscillators sustained trading beyond 200-SMA keeps pair buyers hopeful.
- Rising support line from mid-April appears the last defense of USD/INR bears.
USD/INR stays on the front foot for the third consecutive day around 82.55 as bulls eye rejection of a short-term bearish chart formation during early Tuesday. In doing so, the Indian Rupee (INR) pair prods the top line of a fortnight-long falling trend channel.
That said, a descending trend line breakout on the RSI and bullish MACD signals keep USD/INR buyers hopeful of defying the channel formation by crossing its top line, close to 82.65 by the press time.
Following that, an upward trajectory to challenge the previous monthly high of around the 83.00 round figures can’t be ruled out.
However, multiple hurdles marked since late 2022 can challenge the USD/INR pair’s upside past 83.00 ahead of aiming for the all-time high registered in October 2022 around 83.43.
On the contrary, an ascending trend line from Friday guards the immediate downside of the USD/INR pair near 82.45, a break of which can direct the Indian Rupee (INR) toward the 200-SMA support of around 82.25.
It’s worth noting that the USD/INR weakness past 82.25 needs validation from the stated bearish channel’s bottom line, as well as an upward-sloping support line from mid-April, respectively near 82.20 and 81.90.
Overall, USD/INR is likely to remain firmer despite recent inaction.
USD/INR: Four-hour chart
Trend: Further upside expected