• USD/INR is advancing sharply to recapture its all-time high at 80.21.
• The upward-sloping trendline placed from 79.14 will act as major support for the counter.
• Ascending 20-and 50-EMAs add to the upside filters.

The USD/INR pair is displaying volatile moves in the Asian session. The asset is struggling to kiss the immediate hurdle of 79.94, however, the upside remains favored in the overall bullish structure. The major has displayed a three-day winning streak and is likely to continue the same after overstepping Friday’s high at 79.92.

On a four-hour scale, the asset is advancing to recapture the all-time high of 80.21, recorded on July 27. Also, the upward-sloping trendline placed from the August 16 low at 79.14, adjoining the August 18 low at 79.36 will act as major support for the counter.

Advancing 20-and 50-period Exponential Moving Averages (EMAs) at 79.72 and 79.58 respectively have bolstered the greenback bulls.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the bullish range of 60.00-80.00 from the neutral range of 40.00-60.00, which indicates more upside ahead.

An upside break of the immediate hurdle at 79.94 will drive the asset towards the all-time high at 80.21. A break of the latter will send the asset into unchartered territory and will drive the asset towards a crucial resistance at 80.50.

On the flip side, a downside move below Tuesday’s low at 79.14 will drag the asset towards July 7 low at 78.90, followed by the August 2 low at 78.42.

USD/INR four-hour chart