The USD/INR has reversed lower in the past day after traversing in higher territory, and speculative perceptions are being fueled by intriguing trading conditions.
The rupee has been extremely popular lately – don’t miss these interesting opportunities!
The USD/INR is trading near the 75.5600 level as of this writing. Yesterday’s high for the Forex pair was seen early and traversed near the 76.1700 level, which was well within sight of long-term highs made on the 15th of December when the USD/INR was near the 76.4500 vicinity. Trading conditions have been quick and volatile. As many global financial institutions prepare to enter the holiday season, speculators may have anticipated more tranquil trading, but that has not been demonstrated yet.
Global market nervousness is prevailing in the major stock indices. Questions and concerns remain rampant regarding the actions of the leading central banks as they maneuver around inflation and interest rates. Added to that mix for the USD/INR is the technically perception that trading within short-term trends with speculative wagers has likely proven challenging as reversals have occurred. And then there is the shadow of coronavirus news.
Resistance should be monitored near the 75.6100 level in the short term; if this mark is made vulnerable and values are sustained above it may be a signal additional bullish behavior could ensue. While the USD/INR has turned in a solid amount of downward momentum the past day, some traders may believe due to the amount of nervous sentiment still being exhibited in global equities that the USD may be sought if negative conditions continue in well-known indices worldwide.
Today’s early high in the USD/INR was around the 75.8000 mark and some traders may presume a move upwards that exerts force could target this level, but perhaps that is too ambitious a height for traders who simply want quick hitting trades. Speculators may be more comfortable simply putting a take profit within the 75.6500 to 75.6700 realms if they are buyers near the 75.5500 ratio.
Traders who believe the USD/INR remains overbought technically and are looking at one-month charts may still want to pursue downward motion. Conservative speculators may want to wait for resistance levels to come into sight and then ignite their selling positions.
As the Christmas season draws closer, trading usually starts to become more tranquil and even quiet. However, global market conditions may cause the USD/INR to remain rather volatile until late this week, and traders are encouraged to remain attentive to the rather fast changes which being displayed within the Forex pair.
Indian Rupee Short-Term Outlook
Current Resistance: 75.6140
Current Support: 75.4300
High Target: 75.9000
Low Target: 75.2600
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