USD/INR to extend pullback towards last August low of 82.35/82.25 on a break below 82.65 – SocGen

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13 March 2024

USD/INR to extend pullback towards last August low of 82.35/82.25 on a break below 82.65 – SocGen

Economists at Société Générale analyze USD/INR technical outlook.

Failure to reclaim 50-DMA near 83.10 to trigger one more down leg

USD/INR attempted breakout above graphical hurdle of 83.30 but the upward momentum receded after reaching 83.47 in November. It has embarked on a gradual pullback and has so far reached an interim low of 82.65 testing the trend line since 2022.

An initial bounce is under way, but it would be interesting to see if the pair can reclaim 50-DMA near 83.10. Failure could mean one more down leg.

Break below 82.65 can extend pullback towards last August low of 82.35/82.25 and perhaps even towards 81.60.

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