USD/INR may rise 6 - 8 pips

83.86 is our pivot point.

Our preference

As long as 83.86 is support look for 84.03.

Alternative scenario

The downside breakout of 83.86 would call for 83.81 and 83.79.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (83.95) but above its 50 period moving average (83.94).

Supports and resistances

84.09 **

84.06 *

84.03 **

84.01

83.95 last

83.88

83.86 **

83.81 *

83.79 **

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