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November 18, 2022

Indian Rupee stays bearish near 81.50

 - USDINR remains on the front foot despite the latest inaction.

- Clear break of two-week-old descending trend line keeps buyers hopeful.

- Seven-week-long horizontal area restricts immediate upside, bears need validation from 80.45.

USDINR bulls struggle around 81.60 during early Friday, despite picking up bids to reverse the pullback from the 100-SMA.

That said, the Indian Rupee (INR) pair’s sustained breakout of the fortnight-long descending trend line joins bullish MACD signals to keep the buyers hopeful.

However, the 100-SMA and multiple levels marked since September 28, between 81.85 and 82.00, appear a tough nut to crack for the USDINR bulls.

In a case where the quote crosses the 82.00 hurdle, it could quickly rise to the October 07 swing high near 82.80 before aiming for the 83.00 threshold.

It’s worth noting, however, that the nearly overbought RSI (14) could challenge the USDINR upside past 83.00, if not then the risk of witnessing a fresh record top, currently around 83.30, can’t be ruled out.

Alternatively, the weekly support line near 81.35 restricts immediate USDINR downside before the latest swing low surrounding 80.45. During the fall, the 81.00 round figure may act as an intermediate halt.

Should the Indian Rupee rises past 80.45, the odds of witnessing the 80.00 psychological magnet on the chart can’t be ruled out.

Overall, USDINR stays on the way to refreshing the all-time high, even with multiple speed-breakers.

Trend: Further upside expected

USDINR: Four-hour chart

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