27 Aug 2024
USD/INR gathers strength, bolstered by US Dollar demand
Technical Analysis: USD/INR remains bullish in the longer term
The Indian Rupee trades softer on the day. The USD/INR pair maintains a positive outlook above the key 100-day Exponential Moving Average (EMA) on the daily chart. However, the price has crossed below the three-month-old uptrend line, while the 14-day Relative Strength Index (RSI) hovers around the midline, suggesting further consolidation cannot be ruled out.
The support-turned-resistance level at the 84.00 psychological mark acts as an immediate upside barrier for USD/INR. Further north, the next target emerges at the record high of 84.24 en route to 84.50.
On the downside, the initial support level is located at 83.77, the low of August 20. A break below the mentioned level will see a drop to the 100-day EMA at 83.57.
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