03 Sep 2024
USD/INR strengthens as investors await US PMI data
Technical Analysis: USD/INR in consolidative mode, longer-term bullish potential intact
The Indian Rupee trades on a softer note on the day. The USD/INR pair keeps the bullish vibe on the daily timeframe, characterized by the price holding above the key 100-day Exponential Moving Average (EMA) and the 14-day Relative Strength Index (RSI) standing above the midline.
The potential upside barrier for USD/INR is seen at the 84.00 psychological figure. Any follow-through buying above this level could expose 84.50.
In the bearish case, the first downside target is located at 83.84, the low of August 30. Further south, the next cushion level emerges at the 100-day EMA at 83.62.
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