- USD/INR lacks firm directional bias; market players await a valid breakout.
- The currency cross gyrates within a symmetrical triangle pattern on the daily chart.
- The key support level is seen at 82.00, while 82.80 area acts as the immediate resistance level.
The USD/INR pair lacks any firm directional bias and oscillates within a large consolidation phase since October 2022. The cross currently trades around 82.10 during the Asian session on Wednesday.
That said, two converging trend-lines constitute the formation of a symmetrical triangle pattern on the daily chart. Market participants await a valid breakout for the next directional move for the cross. Meanwhile, the Relative Strength Index (RSI) holds between 40-60, reinforcing the non-directional movement for USD/INR.
A decisive break below 82.00 (the lower limit of the asymmetrical triangle pattern, a psychological round mark) will see a drop to a crucial support level of 81.70. The mentioned level represents the 200-day Exponential Moving Average (EMA). The additional downside filter to watch is 80.85 (Low of January 23, 2023), followed by 80.35, representing a low of November 11, 2022.
On the upside, any meaningful follow-through buying past 82.80 (the upper boundary of the asymmetrical triangle pattern) will challenge the next contention at 83.00, portraying a psychological round mark and a low of May 24. Further north, the cross will meet the next hurdle near 83.20 (High of December 23, 2022) en route to 83.40 (High of October 19, 2022).
