USD/INR: A move beyond 82.95/83.30 is essential to affirm next leg of uptrend – SocGen

Economists at Société Générale discuss USD/INR technicals. The pair could enjoy further gains on a break past the 82.95/83.30 resistance zone.

82.30 is crucial support

“USD/INR has evolved within a large sideways consolidation resembling an ascending triangle; a clear direction has been lacking.”

“Overcoming the resistance zone at 82.95/83.30 would be essential for affirming an extended uptrend.” 

“Recent bullish gap at 82.30 is the first layer of support. In case this gets violated, a short-term pullback is likely.”

See: USD/INR to move slightly lower toward 81.50 by year-end – Commerzbank