USD/INR may fall to 82.45 - 82.70

83.70 is our pivot point.

Our preference

The downside prevails as long as 83.70 is resistance.

Alternative scenario

The upside breakout of 83.70, would call for 84.12 and 84.38.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 83.39 and 83.33).

Supports and resistances

84.38 **

84.12 *

83.70 **

83.53

83.25 last

82.70

82.45 **

82.20 *

81.94 **

Number of asterisks represents the strength of support and resistance levels.