22 Jul 2024
USD/INR drifts lower, with all eyes on India’s Federal Budget
Technical analysis: USD/INR keeps bullish vibe in the long term
The Indian Rupee trades firmer on the day. The uptrend has been in play for the USD/INR pair as it has confirmed a breakout above the month-long trading range while holding above the key 100-day Exponential Moving Average (EMA) on the daily chart. Furthermore, the upward momentum is also supported by the 14-day Relative Strength Index (RSI) points higher above 63.60, suggesting that further upside could be on the horizon.
The immediate resistance level for the pair will emerge at the all-time high of 83.77. The crucial hurdle is seen at the 84.00 psychological level.
On the downside, the resistance-turned-support level at 83.65 acts as an initial contention level. The additional downside filter to watch is 83.51 (low of July 12), followed by 83.40 (100-day EMA).
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