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Thursday, October 07, 2021

USDINR

USDINR

USD/INR OANDA:USDINR

The USD/ INR is trading near the 74.9000 juncture in early trading today, after actually trading above the 75.0000 juncture briefly yesterday. Volatility in the USD/ INR has increased as resistance levels have proven vulnerable and reversal off highs occur in swift choppy motions. After breaking through the 74.7000 level yesterday, the USD/ INR saw an impetus of buying. While the pair has come off yesterday’s highs, the USD/ INR continues to traverse within its upper price band.

Yesterday’s higher values fractionally surpassed the upper mark achieved on the 19th of July of approximately 74.0300. Experienced traders within the USD/ INR remember the higher range achieved in April when an apex of nearly 75.5700 was briefly touched on the 21st of April. The higher prices achieved in April occurred during a wave of coronavirus concerns hitting India. This time around the bullish momentum is likely being caused by a complex mix of a stronger USD due to nervous global investment sentiment and US central bank pronouncements.

Technically, the 75.0000 may appear to be a key psychological resistance level . If this barrier is penetrated and prices are maintained above this juncture, it would likely be signaling that additional buying momentum will be generated short term. Speculators who believe the USD/ INR is overbought and want to seek selling positions are advised not to be overly ambitious with their wagers and target limited downside movement.

Current support looks to be around the 74.8300 level. Market conditions for the USD/ INR are fast and traders need to be aware of the velocity of price changes that are potentially liable to happen if market conditions remain nervous globally. Speculators are urged to used solid entry price orders to make sure that their ‘fills’ meet their expectations.

The USD/ INR is certainly traversing the higher realms of its long-term price range. However, conservative traders are reminded the Forex pair has traversed these heights before. Trading above the 75.0000 is not out of the question and speculators who doubt higher moves will occur may want to look at a one-year price chart.

Buying the USD/ INR on slight moves downward and then looking for upside price action may be a worthwhile wager. Traders should be cautious, but current resistance levels may prove vulnerable. Traders may be tempted to buy the USD/ INR around the 74.8700 to 74.8400 levels and seek limited upside momentum too for quick-hitting wagers.



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