USD/INR Price Analysis: Six-week-old horizontal hurdle probe Indian rupee bears near 80.00

• USD/INR takes offers to renew intraday low, reverses from monthly high.
• RSI retreat, sluggish MACD hints at further weakness towards short-term support line.
• Bulls await a sustained daily closing beyond 80.00 to retake control.

USD/INR snaps a three-day uptrend while taking a U-turn from the monthly top, taking offers to refresh the intraday low near 79.85 by the press time.

That said, the Indian rupee (INR) pair’s latest losses could be linked to the quote’s failure to cross a 1.5-month-old horizontal resistance surrounding 80.15-20.

The pullback moves also take clues from the sluggish MACD and RSI retreat to direct bears towards an upward sloping support line from August 03, near 79.70 by the press time.

Following that, the 20-DMA and another ascending support line, this time from early May, respectively near 79.60 and 79.20, could challenge the USD/INR bears.

It should be observed that a clear downside break of the 79.20 support could make the pair vulnerable to testing the monthly low of 78.41.

Alternatively, recovery moves need steady trading beyond the 80.00 threshold to convince buyers, in addition to breaking the 80.20 resistance mentioned above.

To sum up, USD/INR bulls appear to have run out of steam but the bears have a long way before taking control.

USD/INR: Daily chart

Trend: Pullback expected