USDINR Moving Towards 83.30, RSI Remains Flat: Nuvama Currency Outlook

The dollar index (DXY) has been moving in a range of 105.40 to 104.50 levels as expected, highlighted by a recent report of Nuvama currency outlook.

The report further added that if there is a move above 105.40 decisively then it will open positive possibilities for the index.

DXY can rally towards 106.00 levels post moving above 105.40.

Relative Strength Index (RSI) is well above the centerline (50) indicating positive setup.

Prices must exceed the 105.40 level for further positive momentum to develop which can push it towards 106.00.

“If they fail to do so, the index is likelyt o move sideways or slightly positive within the 104.50 to 105.40 range,” the report mentioned.

US dollar to Indian rupee (USDINR) as expected reversed from the above extreme of the range 83.60 and has started moving lower towards 83.30 levels which is the lower extreme of the range.

RSI for USDINR is above 50 (center line) but has remained flat thereby indicating that the trend remains sideways.

Any move below 83.30 can drag prices towards 82.80 levels.

“USDINR will continue trade in the range of 83.30 to 83.60 levels, break of 83.30 can drag prices towards 83.00 to 82.80 levels,” highlighted the report.