Remain sideways below 83.00 amid a quiet market mood – Crypto News – Crypto News
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Risk-off mood warrants establishment above 80.00, US NFP buzz Risk-off mood warrants establishment above 80.00, US NFP buzz

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Remain sideways below 83.00 amid a quiet market mood – Crypto News

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3 years ago

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  • USD/INR is oscillating in a tight range for the past two weeks amid the absence of potential triggers.
  • The 20-and 50-EMAs are on the verge of delivering a bearish crossover around 82.37.
  • A break inside the bearish range by the RSI (14) will activate bearish momentum.

The USD/INR pair is showing some volatility in its opening trade on Monday following the festive mood. The asset is oscillating in the middle of the two-week-long trading range and is likely to continue further as the market participants seem still busy enjoying New Year celebrations.

Meanwhile, the US Dollar Index (DXY) dropped sharply to near 15-day low of around 103.00 on Friday amid a recovery in the risk-appetite theme. The 10-year US Treasury yield climbed to 3.88% amid obscurity in the overall risk theme.

On a four-hour scale, the Indian Rupee asset is oscillating in a range of 82.35-82.96 for the past two weeks. This could be termed as an inventory adjustment, however, it is difficult to tag it as an accumulation or a distribution.

The 20-and 50-period Exponential Moving Averages (EMAs) are on the verge of delivering a bearish crossover around 82.37, which might trigger a short-term downtrend.

Meanwhile, the 200-EMA at 82.33 is sloping north, which indicates that the upside trend is still solid.

The Relative Strength Index (RSI) (14) is on the verge of delivering a break into the bearish range of 20.00-40.00, which might trigger a bearish momentum.

Should the asset break below December 13 low around 82.35, the Indian rupee bulls will drag the asset towards December 9 low around 82.00 followed by November 25 low at 81.42.

On the contrary, a breakout of the consolidation above the round-level resistance of 83.00 will expose the asset to hit its all-time high at 83.29. A breach of the latter would send the major into unchartered territory.

USD/INR four-hour chart

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