Overall, USD/INR is likely to remain sidelined but the multiple hurdles toward the north keep the pair sellers hopeful. On the flip side, a clear break of the 82.15 level can quickly drag the USD/INR bears towards the 61.8% Fibonacci retracement level of the pair’s late January-February upside, near 81.70.ĭuring the fall, the 82.00 round figure may act as an intermediate halt while the monthly low of near 81.50 acts as an extra filter towards the south. In a case where USD/INR price rallies beyond 82.50, a one-month-old descending resistance line near 82.85 can challenge the pair buyers before directing them to the multiple resistance area surrounding the 83.00 psychological magnet. That said, the 200-SMA adds strength to the triangle’s top line surrounding 82.50, making it a tough nut to crack for the USD/INR bulls. It’s worth noting, however, that the steady RSI (14) line hints at the USD/INR pair’s further dribbling inside the stated triangle, currently between 82.15 and 82.50. In doing so, the Indian Rupee pair rebounds from an ascending support line from March 06, and stays within the short-term symmetrical triangle. USD/INR picks up bids to pare weekly losses around 82.30 as it snaps a two-day downtrend amid early Wednesday. Steady RSI suggests further grinding of prices inside triangle formation.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |