USD/INR: Brief-term pullback on a break below 82.30 – SocGen

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USD/INR stays beneath the 83 mark. Economists at Société Générale spotlight the important thing technical ranges to look at.

Overcoming resistance zone at 82.95/83.30 important to affirm an prolonged uptrend

“USD/INR has advanced inside a big sideways consolidation resembling an ascending triangle after going through resistance close to 83.30 final October; a transparent course has been missing.” 

“Overcoming the resistance zone at 82.95/83.30 can be important for affirming an prolonged uptrend.”

“Current bullish hole at 82.30 is first layer of help. In case this will get violated, a short-term pullback is probably going.”

“Under 82.30, subsequent potential help is situated at 81.40, the 76.4% retracement of current bounce.”