- USD/INR breaks a three-day losing streak.
- The 21-day SMA at 83.22 acts as an immediate barrier.
- The MACD indicator suggests a bearish trend in market sentiment.
The USD/INR pair is trading higher around 83.20, with immediate resistance near the 21-day SMA at 83.22. USD/INR could see further gains in the short term as the 50-day SMA stands slightly above the latter at 83.24.
USD/INR is recovering from recent losses suffered in the previous session, especially following the release of Friday’s disappointing US non-farm payrolls data. The US Bureau of Labor Statistics released data for October, indicating a new job count of 150,000, below the 180,000 expected and noting a significant drop from 297,000 in September.
On the downside, USD/INR could find key support at the psychological level of 83.00 aligned with the October low at 82.97.
The MACD indicator line is located below the center line and shows a convergence occurring below the signal line. This setup typically suggests a bearish trend, indicating possible bearish momentum in the USD/INR pair.
The 14-day Relative Strength Index (RSI) is hovering around the 50 level, indicating that there is no strong directional momentum and the market is in a state of equilibrium.
USD/INR 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
