Published: 2024-12-05T05:16:12.000Z
Chart USD/INR Update: Consolidating below 84.7575 high, room for higher
Technical Analyst
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Remains below the 84.7575 high as prices consolidate the bullish run-up from the 84.2200 low of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 84.8150 | projection | S1 | 84.5850 | * | 2 Dec low | ||
| R3 | 84.8000 | figure | S2 | 84.5075 | * | 22 Nov high | ||
| R2 | 84.7800 | projection | S3 | 84.4000 | * | congestion | ||
| R1 | 84.7575 | ** | 3 Dec high | S4 | 84.2200 | ** | 26 Nov low |
Asterisk denotes strength of level
05:15 GMT - Remains below the 84.7575 high as prices consolidate the bullish run-up from the 84.2200 low of last week. However, pressure remains on the upside and clearance here will see room to extend the underlying bull trend to the 84.7800 projection target then the 84.8000 figure. However, daily and weekly studies are overbought and caution pullback. Meanwhile, support remains at the 84.5850/84.5075 gap area which should underpin and sustain the underlying bull trend. Break here will ease the upside pressure and see room for deeper pullback to the 84.4000 congestion and 84.2200 support.