USD/INR may rise 14 - 19 pips

Our pivot point stands at 83.42.

Our preference

The upside prevails as long as 83.42 is support.

Alternative scenario

Below 83.42, expect 83.32 and 83.27.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 83.45 and 83.43).

Supports and resistances

83.83 **

83.78 *

83.72 **

83.67

83.53 last

83.45

83.42 **

83.32 *

83.27 **

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