USD/INR may fall 5 - 8 pips

84.09 is our pivot point.

Our preference

Technical rebound towards 84.09 before a new drop.

Alternative scenario

Above 84.09, look for 84.13 and 84.16.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (84.05) but under its 50 period moving average (84.05).

Supports and resistances

84.16 **

84.13 *

84.09 **

84.07

84.05 last

84.00

83.97 **

83.94 *

83.92 **

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