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USDINR Technical Analysis: RBI's intervention paused the selloff. Key levels in focus now.
Key Takeaways (30s Read)
RBI's intervention paused the selloff of the INR as USDINR consolidates below key resistance at 90.40.
USDINR continues to consolidate below a crucial resistance at 90.40 after RBI's intervention halted the recent selloff of the Indian Rupee. While the overall trend remains bullish, the focus shifts to technical breakouts in the short term. Recent US CPI data surprised on the downside, but the market took this with caution, leading to a recovery in the dollar. The daily chart shows USDINR having sold off from the upper bound of its rising channel, with sellers targeting the lower bound around 89.00 next. A strong resistance remains at 90.40, where sellers are active. Buyers will look for a breakout above this level to position for a rally to new highs.
AI Analyst
AI Opinion
"The USDINR market shows that RBI's intervention has temporarily halted the selloff of the Indian Rupee, allowing for a potential maintenance of the upward trend. Recent US economic indicators present mixed signals, leading to a neutral dollar sentiment, while sellers remain strong around the 90.40 level. Thus, short-term focus will be on potential breakout levels. The robust technical support and resistance levels after RBI's intervention suggest that market participants should stay vigilant regarding any upcoming breakouts. Additionally, one must consider the global economic conditions that may impact both the yen and the rupee."
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