USD/INR Price Analysis: RSI conditions prod Indian Rupee sellers at 10-week-old resistance near 82.75

• USD/INR seesaws at the highest levels in three weeks after rising the most in a month the previous day.
• Sustained break of 200-SMA, bullish MACD signals keep Indian Rupee sellers hopeful.
• Overbought RSI prods USD/INR bulls around multi-day-old resistance line.

USD/INR bulls keep the reins for the fourth consecutive day as they prod a 10-week-old resistance around 82.75 during early Thursday. In doing so, the Indian Rupee (INR) pair justifies the upside break of the 200-SMA and the bullish MACD signals amid the overbought RSI (14) line.

Even if the RSI conditions prod the Indian Rupee sellers at the key resistance line stretched from late May, fundamentals favoring the US Dollar and the quote’s sustained trading beyond the key SMA, as well as above a one-week-old support line keep the USD/INR buyers hopeful.

With this, the quote is likely to cross the 82.75 hurdle and prod the previous monthly high of around 82.83.

However, multiple tops marked in May around the 83.00 round figure may challenge the USD/INR buyers afterward.

Alternatively, a pullback move remains unimpressive beyond the early June swing high of around 82.60.

Following that, the aforementioned support line and the 200-SMA, respectively near 82.40 and 82.15, will act as the last defense of the USD/INR buyers.

Overall, the cautious mood ahead of multiple US data allows USD/INR bulls to take a breather but the bullish bias remains intact.

Also read: US Dollar Index: DXY traces yields to refresh multi-day top below 103.00 ahead of US ISM Services PMI

USD/INR: Four-hour chart

Trend: Further upside expected