Indian Rupee buyers need validation from 79.70

  • USD/INR remains under pressure inside the two-week-old trading range, fueling the short-term support line lately.
  • 100-SMA, the 1-month ascending trendline adds strength to downside filters.
  • Bulls should wait for a daily close above 80.20 to regain control.
  • RSI and MACD signals hint that buyers are running out of steam.

USD/INR extends post-Fed losses as bears attack five-week-old rising trendline support near 79.80 during the first hour of Indian trading on Thursday. Even so, the pair remains within a fortnightly trading range between 80.20 and 79.70.

Given the latest weakness in the RSI, as well as an impending bearish cross on the MACD

Next, an ascending trendline from June 29th at 79.55 will be in focus.

In a case where USD/INR prices fall below 79.55, the chances of seeing a run south of the quote towards 79.00 and then towards the June 29th low near 78.80 will be central. concerns.

Meanwhile, recovery moves may initially target the 80.00 level before challenging the aforementioned range resistance at 80.20.

In case USD/INR bulls manage to hold the reins above 80.20, the round figure of 81.00 might flash on their radars.

USD/INR: four-hour chart

Trend: further weakness expected


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