Bounces off multi-week low, keeps the red below 83.00 – Crypto News – Crypto News
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Indian rupee steadies around 82.70 ahead of Fed, RBI decisions Indian rupee steadies around 82.70 ahead of Fed, RBI decisions

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Bounces off multi-week low, keeps the red below 83.00 – Crypto News

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  • USD/INR drops to a multi-week low on Friday, though lacks follow-through selling.
  • Oscillators on the daily chart have just started drifting lower and now favour bears. 
  • Any subsequent fall could attract buyers near the 100-day/200-day SMAs confluence.

The USD/INR pair comes under some renewed selling pressure on Friday and touches a nearly three-week low, around the 82.80-82.75 region during the Asian session. Spot prices, however, manage to trim a part of the intraday losses and currently trade just below the 83.00 round figure, still down over 0.20% for the day.

Technical indicators on the daily chart, meanwhile, have just started drifting in the negative territory and support prospects for some meaningful depreciating move. That said, any subsequent decline below the daily trough is likely to find decent support near the 100-day Simple Moving Average (SMA), currently pegged near the 82.45 region. This is closely followed by the 200-day SMA, around the 82.35 zone, which should now act as a key pivotal point for the USD/INR pair.

The latter near the August 24 low, which if broken decisive will be seen as a fresh trigger for bearish traders and prompt aggressive technical selling. Spot prices might then turn vulnerable to accelerate the slide towards the 82.00 mark. The downward trajectory could get extended and eventually drag the USD/INR pair to the July swing low, around the 81.70-81.65 region.

On the flip side, movement above the 83.00-83.05 immediate hurdle now seems to confront resistance near the 82.30 zone ahead of the all-time peak, around the 83.40-83.45 region touched on August 15. A sustained strength beyond will be seen as a fresh trigger for bullish traders and allow the USD/INR pair to conquer the 84.00 round-figure mark.

USD/INR daily chart

Technical levels to watch

 

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