The USD/INR Pair Remains In Bearish Mood
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- USD/INR bounces off multi-day low to consolidate the first weekly loss in six.
- Convergence of 100-DMA, 23.6% Fibonacci retracement guards recovery moves.
- A 4.5-month-old symmetrical triangle advocates volatility; 200-DMA appears extra filter towards the south.
USD/INR prints mild gains around 81.85 as the bears lick their wounds early Monday. In doing so, the Indian Rupee (INR) pair rebounds from the lowest levels since February 02, marked the previous day, to consolidate the biggest weekly loss since early November. It’s worth noting that the quote marked the first weekly negative closing in six by the end of Friday’s North American session.
Overall, the USD/INR pair remains inside a broad symmetrical triangle comprising multiple levels marked since October 2022, currently between 82.90 and 81.30.
That said, the bearish MACD signals and downbeat RSI (14) raise doubts about the USD/INR pair’s corrective bounce off the multi-day low.
Even if the quote remains firmer, the 100-DMA and 23.6% Fibonacci retracement level of the pair’s August-October 2022 upside, near 82.15-20, appears a tough nut to crack for the USD/INR bulls.
On the contrary, the USD/INR pair’s fresh weakness could aim for the stated triangle’s support line of around 81.30 before challenging the 200-DMA support of near the 81.00 round figure.
Should the USD/INR pair remains weak past 81.00, lows marked during January 2022 and the last November, respectively near 80.90 and 80.35, might gain the market’s attention.
USD/INR: Daily chart
Trend: Bearish
