Technical analysis: USD/INR keeps bullish bias in the longer term
The Indian Rupee trades stronger on the day. USD/INR prospects remain positive in the long term since the pair has risen above a nearly four-month-old descending trend channel since March 22.
In the near term, USD/INR is above the key 100-day Exponential Moving Average (EMA) on the daily timeframe. The upward momentum is backed by the 14-day Relative Strength Index (RSI), which holds in bullish territory around 55.00, suggesting that further upside looks favorable.
The immediate resistance level of the pair will emerge near a high of April 11 at 83.40. The next hurdle is located at an all-time high of 83.70, en route to the 84.00 psychological level. On the flip side, the potential support level is seen near the congestion of the round figure and the 100-period EMA at the 83.00–83.10 region. A decisive break below this zone might pave the way to a low of March 14 at 82.80, followed by a low of March 11 at 82.65
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-