Technical analysis: USD/INR remains firm in the longer term
The Indian Rupee trades stronger on the day. Nonetheless, the USD/INR pair maintains the bullish bias on the daily chart beyond the key 100-day Exponential Moving Average (EMA), with the 14-day Relative Strength Index (RSI) holding above the 50-midline. This indicates that the support is more likely to hold than to break.
The all-time high of 83.75 acts as an immediate resistance level for the pair. Any follow-through buying possibly sends the pair up to the 84.00 psychological level.
On the bearish side, the initial support level for USD/INR will emerge at 83.43, a low of June 20. The crucial contention level is located in the 83.30-83.35 zone, representing the resistance-turned-support level and the 100-day EMA.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.