04 Oct 2024
USD/INR trades with mild losses ahead of US NFP data
Technical Analysis: USD/INR keeps the positive picture in the longer term
The Indian Rupee trades stronger on the day. The USD/INR pair maintains its constructive outlook on the daily chart as the price is well-supported above the key 100-day Exponential Moving Average (EMA). The path of least resistance level is to the upside as the 14-day Relative Strength Index (RSI) stands above the midline near 61.0.
The key upside barrier for USD/INR emerges at the 84.00 level, representing the upper boundary of the rectangle and psychological mark. A decisive break above this level could attract some buyers to 84.15 (the high of August 5), followed by 84.50.
On the downside, the low of October 1 at 83.80 acts as an initial support level for the pair. A breach of this level could lead to the 100-day EMA at 83.65. Further south, the additional downside filter to watch is 83.00, representing the round mark and the low of May 24.
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