Speculators who like opportunistic markets and bet on USD/INR could have a rather intriguing path this week.

USD/INR has seen strong bumps over the past week of trading, and there are plenty of reasons to suspect that the rather tough run ahead will be just as volatile. Traders who like a betting environment where they can test their perceptions may find the USD/INR currency pair to be what they desire in the days ahead. As of this writing, USD/INR is near the 79.5600 ratio with quick action demonstrated.

Advertising

The rupee has been extremely popular lately – don’t miss these exciting opportunities!

Let’s trade now

After testing major short-term lows on Friday, a sudden bullish reversal to the upside for USD/INR

On Friday last week, USD/INR hit around 78.9300, while retesting the depths last seen on the 3rd of August. At 2n/a August USD/INR fell to near the 78.3800 level. The last time the USD/INR saw this ratio was the last week of June, before the currency pair started moving much higher, eventually hitting the 80.2000 mark in mid-July. , before the erosion subsides.

The mid-July technical highs are actually still in sight for USD/INR

Technically, USD/INR can be seen to have peaked in mid-July and gradually sold off since then.. However, traders who follow the fundamentals appreciate the behavioral sentiment generated by interest rate hikes and the outlook for the US Federal Reserve. Friday’s drop to short-term lows suddenly saw a reversal, as it became clear via US economic data that wage inflation remains a credible danger in the US and the US central bank should be confronted. to this problem.

  • If the 79.5100 level continues to prove durable as support for USD/INR in the short term, it could stimulate speculative long positions.
  • This entire week should see some rather choppy price action as financial firms interpret their analysis regarding US Fed actions in the months ahead.
  • A hawkish outlook from the US Fed could lead to further USD/INR buying.

While important all-time highs were certainly met with rather strong selling and reaching lower depths in early August, after last Friday and this morning’s price action, USD/INR is still in sight. from July’s strong bullish activity. Speculators who think USD/INR might test higher should keep their goals realistic and not shoot for the stars.

However, looking for a quick move higher after support levels prove to be durable could be a valid bet on USD/INR. It’s not out of the question to suspect that USD/INR might challenge the 79.8000 ratio sooner rather than later. Again, traders are advised to cash in on winning positions if they develop and not let them vanish into thin air, while also using stop loss orders as risk management.

USD/INR short-term outlook:

Current Resistance: 79.6190

Current support: 79.5089

High target: 79.7980

Low target: 79.3000

USD/INR

Ready to trade our daily Forex analysis and forecast? Here are the best Forex brokers to choose from.

About The Author

Related Posts