The USD/INR pair has displayed a firmer rebound from a low near 79.75 in the Asian session. On a broader note, the asset is oscillating in a tad wider range of 79.68-80.11 from the past week. Investors are expected to adopt a wait-and-watch approach ahead of Jackson Hole Economic Symposium.
On a four-hour scale, the asset is oscillating in an Ascending Triangle chart pattern that favors consolidation with a positive bias. The upward-sloping trendline of the above-mentioned chart pattern is placed from August 2 low at 78.41. While the horizontal resistance is plotted from all-time highs at 80.21.
The 50-period Exponential Moving Average (EMA) at 79.71 has acted as major support for the counter. Also, the 200-EMA at 79.43 is scaling gradually higher, which adds to the upside filters.
Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00, which indicates a consolidation ahead.
A minor correction to near 50-EMA at 79.71 will trigger a bargain buy as oscillators will get oversold. An occurrence of the same will send the asset towards 80.21. A break above 80.21 will send the asset into unchartered territory and will drive the asset towards a crucial resistance at 80.50.
On the flip side, a downside move below the August 16 low at 79.14 will drag the asset towards July 7 low at 78.90, followed by the August 2 low at 78.42.
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