The Indian Rupee trades in negative territory on the day. The constructive outlook of the USD/INR pair remains intact as the pair holds above the key 100-day Exponential Moving Average (EMA) and descending trend channel upper boundary on the daily timeframe.
USD/INR is likely to extend the consolidative mode in the near term as the 14-day Relative Strength Index (RSI) still hovers around the 50-midline, indicating the neutral momentum of the pair.
In the bullish event, the immediate upside barrier is located at 83.60, a high of June 11. Then, the pair could extend its upswing to 83.72, a high of April 17. The next hurdle will emerge at the 84.00 round mark.
A break below the crucial support at 83.35, the confluence of the 100-day EMA and descending trend channel upper boundary, could mark the start of a reversal from the uptrend. The next contention level is seen at the 83.00 psychological level, followed by 82.78, a low of January 15
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