USD/INR Price Analysis: Indian Rupee buyers approach 81.45 resistance confluence

• USD/INR remains pressured at 11-week low, down for the third consecutive day.
• Clear downside break of ascending trend line from late January, bearish MACD signals favor Indian Rupee (INR) buyers.
• Convergence of 200-DMA, five-month-old rising support line restricts immediate downside of USD/INR.
• Indian Rupee sellers remain off the table below 82.10.

USD/INR clings to mild losses around 81.60 during early Friday, after falling to the lowest levels since late January before a few minutes.

In doing so, the Indian Rupee (INR) pair justifies the previous day’s downside break of an upward-sloping support line from January 23, now resistance. Adding strength to the bearish bias are the downbeat MACD signals.

However, the RSI (14) line is approaching the oversold territory and signals bottom picking of the USD/INR prices, which in turn highlights the 81.45 support confluence as the key for the USD/INR bears to watch. That said, the stated level encompasses the 200-DMA and an ascending trend line from November 2022.

If at all the USD/INR bears dominate past 81.45 and offer a daily closing below the same, the November 2022 low near 81.00 and the yearly trough surrounding 80.90 will be in the spotlight.

Meanwhile, recovery remains elusive unless the Indian Rupee pair remains below the support-turned-resistance line stretched from January, close to 81.95 by the press time.

Even if the USD/INR buyers manage to cross the 81.95 hurdle, the 82.00 round figure and a three-week-old descending resistance line, close to 82.10 at the latest, will be crucial challenges for them to conquer.

USD/INR Price: Daily chart

Trend: Limited downside expected