Way2Wealth's currency report on USDINR
USDINR pair was consolidating near key levels since last few trading sessions. USDINR pair recorded the high of 82.87 and low of 82.65 to settle on a flat note on Thursday. On the technical front, USDINR pair is now hovering near the 20- day moving average which is observed near 82.60 levels. A decisive breakout above this level is likely to push prices towards 84.00 levels in the medium term. The RSI (14) on daily chart has climbed near 60 mark which signals that the counter is gaining strength in momentum. Key support is now observed near 81.50 levels. Breaking below this level, USDINR pair is likely to test the psychological support of 80.00 levels.
We turn bullish on USDINR pair and expect prices to trade higher throughout the day. As a result, we advocate traders to buy on dips in the counter as long as immediate support is not broken on closing basis.
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