- USD/INR struggles with 83.00 resistance amid Indian Rupee’s bearish pressure.
- The pair is awaiting for the subsequent directional bias as the FOMC meeting approaches.
- RSI points to further upside potential for USD/INR.
USD/INR has been unable to break through the resistance zone around the 83.00 level, despite four attempts on the daily chart. The synchronized US Dollar weakness is not reflected in this pair, indicating that the Indian Rupee is facing strong bearish pressure.
The technical outlook suggests that both the 21-Day Moving Average (DMA) and 50-DMA are providing support, positioned just below the current quote of 82.53 as of now.
USD/INR is poised to test the 83.00 level for the fifth time, maintaining the bullish bias for the pair. The ascending trendline indicates that upside price pressure is building. The upcoming FOMC meeting will be crucial for determining whether the pair surpasses the key psychological level of 83.00 or faces rejection once more.
Any downward movement is likely to be limited by the 21-DMA, pegged at the previous day’s low of 82.42. A break below this level would be further restrained by the 50-DMA, currently at 82.15.
The last line of support will be the ascending trendline that starts from September’s low of 79.04, intersecting the March low at the psychological level of 81.50.
The Relative Strength Index (RSI) signals higher highs and supports further upside potential for the pair.
USD/INR: Daily chart
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- Source: https://www.fxstreet.com/news/usd-inr-targets-8300-multi-tested-resistance-while-awaiting-feds-decision-202303210343
