USD/INR Price Analysis: Pair holds grounds above 82.50 psychological level
|- USD/INR trades higher due to the positive tone around the US Dollar (USD).
- 23.6% Fibo acts as the barrier following nine-day EMA at 82.84.
- Indicators suggest the bearish sentiment of USD/INR traders.
USD/INR trades sideways around 82.50 psychological level at the time of writing during the Asian session on Friday, recovering recent losses. The pair is cheering up the positive sentiment around the US Dollar (USD) due to the upbeat US employment data released on Thursday.
The 23.6% Finonacci retracement at 82.62 acts as immediate resistance, followed by the 38.2% Finonacci retracement at 82.79. A break above the latter could support the USD/INR pair to explore the nine-day Exponential Moving Average (EMA) at 82.84.
On the downside, the pair could meet support around the weekly low at 82.37 level, followed by the 82.00 psychological level.
The 14-day Relative Strength Index (RSI) remains below 50, which suggests a bearish bias of the USD/INR traders. The Moving Average Convergence Divergence (MACD) line stays above the centerline but lies below the signal line, which suggests that recent momentum is weaker.
USD/INR: Daily Chart
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