• USD/INR struggles to extend two-day rebound from the lowest levels in 11 weeks.
• One-month-old descending resistance line, 200-SMA challenge Indian Rupee sellers.
• Multiple bottoms around 81.50, bullish MACD signals keep pair buyers hopeful.

USD/INR bulls prod the short-term key hurdles while trying to defend the latest recovery from a multi-day low during early Tuesday. In doing so, the Indian Rupee (INR) pair grinds higher around the 82.00 threshold after rising in the last two consecutive days.

It’s worth noting that the USD/INR pair’s multiple rebounds from the 81.50 horizontal support, stretched since early February, join bullish MACD signals to keep buyers hopeful.

However, a clear upside break of a downward-sloping resistance line from March 15 and the 200-SMA, respectively near 82.05 and 82.15, becomes necessary for the USD/INR bulls to keep the reins.

Following that, the monthly high of around 82.50 may challenge the pair buyers before directing them to the multi-day resistance area surrounding the 83.00 round figure.

Meanwhile, pullback moves may initially aim for the early April lows surrounding 81.75 before challenging the aforementioned horizontal support around 81.50. Also acting as a downside filter is the late January swing low around 81.35.

In a case where USD/INR bears keep the reins past 81.35, the odds of witnessing a slump toward the yearly low marked in January around 80.88 will be in focus.

Overall, USD/INR remains on the bull’s radar unless breaking 81.35. However, the pair’s road to the north appears long and bumpy.

USD/INR: Four-hour chart

Trend: Further upside expected