28 Aug 2024
USD/INR gains traction as month-end US Dollar demand drags Indian Rupee lower
Technical Analysis: USD/INR’s positive view remains in play
The Indian Rupee weakens on the day. Technically, the constructive picture of the pair remains intact as the price is above the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The 14-day Relative Strength Index (RSI) remains above the midline near 58.00, suggesting that the support level is likely to hold rather than break.
The first upside barrier to watch for USD/INR is the support-turned-resistance level at the 84.00 psychological level. Any follow-through buying above this level could pave the way to the next hurdle near the record high of 84.24 en route to 84.50.
In the bearish event, the low of August 20 at 83.77 acts as an initial support level for the pair. Extended losses could expose the 100-day EMA at 83.60.
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