USD/INR Price Analysis: India rupee seesaws around 18-month low, further losses eyed
10.12.2021, 04:38

USD/INR Price Analysis: India rupee seesaws around 18-month low, further losses eyed

  • USD/INR awaits fresh clues around multi-day top, stays mildly bid though.
  • Sustained break of 75.65, bullish MACD signals keep buyers hopeful, overbought RSI condition probe further upside.
  • Ascending trend line from July, 61.8% FE lures bulls, sellers await three-week-old support break.

USD/INR bulls take a breather around June 2020 levels, poked the previous day, as overbought RSI line tests immediate upside during early Friday.

Even so, a clear run-up beyond the double-tops marked in April and October, around 75.65, joins the bullish MACD signals to favor the bulls.

That said, the quote’s further upside eyes an upward sloping trend line from July, near 76.10, a break of which will direct Indian rupee (INR) sellers towards 61.8% Fibonacci Expansion (FE) of February-November moves, near 76.20.

Although the USD/INR prices are likely to reverse from 76.20, any further advances will be challenged by another ascending resistance line, from November 2020 near 76.50.

Alternatively, pullback moves remain elusive beyond a three-week-old support line, around 75.33 by the press time.

It should be noted, however, that a clear downside past-75.33 will direct USD/INR bears towards multiple tops marked since early November around 75.20 and then to the 75.00 threshold.

Overall, USD/INR remains in a bullish trajectory but overbought RSI may trigger pullback moves.

USD/INR: Daily chart

Trend: Further upside expected

 

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