- March 8, 2021
- Posted by: Analysis Team
- Category: Forex News
- USD/INR picks up bids above one-week-old horizontal resistance, now support.
- Recovery from 200-bar SMA, sustained break of immediate falling trend line favor bulls.
- Eight-day-old support line adds to the downside filters.
USD/INR rises to 73.24, up 0.12% intraday, during the initial Indian session on Monday. In doing so, the quote pierces a horizontal area comprising multiple upside barriers established since February 26.
Favoring the USD/INR buyers is the bearish MACD signals that join last week’s successful break of a short-term falling trend line resistance, now support, as well as recovery moves beyond 200-bar SMA.
As a result, USD/INR bulls aim for the last Tuesday’s top around the mid-73.00s whereas any further upside will have to cross January’s top near 73.56 to gain the market’s confidence.
Alternatively, the 73.00 round-figure restricts the pair’s short-term downside ahead of a 200-bar SMA level of 72.88.
Also likely to challenge the USD/INR sellers is the previous resistance line from February 26 and an ascending trend line from February 24, respectively around 72.78 and 72.55.
Overall, USD/INR recently cleared short-term key hurdles and is up for fresh upside.
USD/INR FOUR-HOUR CHART