USD/INR is oscillating in a tight range for the past two weeks amid the absence of potential triggers.A break inside the bearish range by the RSI will activate bearish momentum.in its opening trade on Monday after the festive mood. The asset is oscillating in the midst of the two-week-long trading range and is likely to continue further as the market participants seem still busy enjoying New Year celebrations. dropped sharply to near 15-day low of around 103.
On a four-hour scale, the Indian Rupee asset is oscillating in a range of 82.35-82.96 for the past two weeks. This could be termed as an inventory adjustment, however, it is difficult to tag it as an accumulation or a distribution. The 20-and 50-period Exponential Moving Averages are on the verge of delivering a bearish crossover around 82.37, which might trigger a short-term downtrend.The Relative Strength Index is on the verge of delivering a break into the bearish range of 20.00-40.00, which might trigger a bearish momentum.
Should the asset break below December 13 low around 82.35, the Indian rupee bulls will drag the asset towards December 9 low around 82.00 followed by November 25 low at 81.42. On the contrary, a breakout of the consolidation above the round-level resistance of 83.00 will expose the asset to hit its all-time high at 83.29. A breach of the latter will send the major into unchartered territory.