06 Sep 2024
USD/INR remains firm ahead of US employment data
Technical Analysis: USD/INR’s broader trend remains constructive
The Indian Rupee weakens on the day. The USD/INR pair remains confined within an ascending triangle on the daily chart. However, in the long term, the pair maintains the bullish vibe unchanged as the price holds above the key 100-day Exponential Moving Average (EMA). The upward momentum is reinforced by the 14-day Relative Strength Index (RSI) which stands in bullish territory near 59.55, supporting the buyers in the near term.
Sustained trading close above the 84.00-84.05 zone, the confluence of the psychological figure, the upper boundary of the triangle and the high of September 4, could see an upside breakout that may take USD/INR up to 84.50.
Any follow-through selling could drag the pair down to the ascending triangle support near 83.90. A breach below this level could revisit the 100-day EMA at 83.64.
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