Technical analysis: USD/INR continues oscillating within a range
The Indian Rupee trades on a stronger note on the day. The uptrend of the USD/INR pair prevails in the long term as it is above the key 100-day Exponential Moving Average (EMA) on the daily timeframe.
In the near term, the pair has been capped within the familiar trading range for a couple of months already since March 21. The further consolidation looks favourable as the 14-day Relative Strength Index (RSI) hovers around the 50-midline, indicating neutral momentum.
The first bullish target to watch for USD/INR is 83.60, a high of July 4. Further north, the next hurdle is seen at the record time of 83.75. A decisive break above this level will see a rally to the 84.00 psychological level.
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