USDINR is expected to trade higher: Way2Wealth

Way2Wealth's currency report on USDINR

USDINR pair was consolidating near key levels since last few trading sessions. USDINR pair recorded the high of 82.73 and low of 82.55 to settle on a flat note on Tuesday. 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 is hovering 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.

OUTLOOK

We remain 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.
Is it a good time to trade in USDINR at current level?