USD/INR Price Analysis: Bulls retain control near multi-week top, might aim to conquer 83.00 – by hareshmenghani USDINR Technical Analysis Currencies
The overnight sustained breakout through the 82.25 confluence hurdle favours bullish traders.USD/INR
pair attracts some buying for the third successive day on Thursday and climbs to over a three-week high during the Asian session. Spot prices currently trade just below mid-82.00s, up less than 0.10% for the day, and seem poised to build on the recent strong recovery from the 81.75 region, or the lowest level since May 8 touched on Monday.
The overnight sustained strength beyond the top end of a multi-week-old trading range, which coincided with a technically significant 200-day Simple Moving Average , was seen as a fresh trigger for bullish traders. Moreover, oscillators on the daily chart have been gaining positive traction and are still far from being in the overbought zone. This, in turn, validates the positiveFrom current levels, the 82.70-82.
On the flip side, the 200-day SMA, around the 82.25 region, now seems to protect the immediate downside ahead of the 82.00 mark. This is followed by the monthly low, around the 81.75 zone, which if broken decisively will shift the bias in favour of bearish traders. The USD/INR pair might then accelerate the slide towards the 81.50 support before dropping to test sub-81.00 levels or the YTD low touched in January.
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