• USD/INR picks up bids to pare the previous day’s heavy losses, bounces off important support confluence.
• Convergence of 50-SMA, 13-day-old rising trend line puts a floor under Indian Rupee pair’s price.
• 21-SMA, one-week-long horizontal resistance zone challenge buyers amid bearish MACD signals.

USD/INR renews its intraday high near 82.75 as it extends late Wednesday’s rebound from a short-term key support confluence to early Thursday in Europe. In doing so, the Indian Rupee (INR) consolidates the biggest daily loss in a month.

50-SMA and an upward-sloping trend line from May 08 together restrict short-term USD/INR downside near 82.60.

The recovery moves, however, appear elusive unless crossing the 21-SMA hurdle of around 82.75.

It’s worth noting that the bearish MACD signals challenge the USD/INR pair buyers as the key jostle with the 21-SMA resistance, a break of which could propel prices towards a one-week-old horizontal resistance zone surrounding 82.95-97.

Following that, the 83.00 rounds figure can act as the last defense of the USD/INR pair bears before pushing the quote towards the record high of around 83.40 marked the last year.

On the flip side, the USD/INR pair’s break of the 82.60 support confluence could quickly drag it toward the 100-SMA level of near 82.25. Though, a horizontal area comprising multiple lows marked since May 09, near 82.15 can challenge the Indian Rupee pair’s further downside.

Overall, USD/INR remains on the bull’s radar but the upside past 83.00 appears doubtful.

USD/INR Price: Four-hour chart

Trend: Further upside expected