USD/INR: Decline could extend towards 80.00 and even 79/78.50 on a break under 80.70/80.50 – SocGen

USD/INR has so far defended the ascending trend line since February now at 80.70/80.50. A break below here would expose the 80.00 level and the 200-Day Moving Average (DMA), analysts at Société Générale report.

82.10 is acting as an interim resistance

“Currently a bounce is under way however neckline of the pattern at 82.10 is acting as an interim resistance.” 

“Daily MACD is in negative territory denoting prevalence of downward momentum.”

“Holding below 82.10, a revisit of the trend line near 80.70/80.50 is not ruled out. In case this gets violated, the decline could extend towards 80.00 and perhaps even towards the 200-DMA at 79/78.50.”