(MENAFN- Daily Forex) The usd/inr is near the values traded last Wednesday, but what happened between then and now shows a large amount of volatility which is likely to continue.
Advertisement test out your technical skills now! open a free demo account
The USD/INR is trading near the 81.5000 ratio as of this writing.
Nearly one week ago on Wednesday the 18th of January, the USD/INR was also trading around the same price. If a trader took a holiday and didn't look at the Forex market they might be led to believe the USD/INR must have produced a very calm range and not much occurred. However, the opposite is true because the USD/INR has demonstrated a violent speculative market for those wanting to wager on the currency pair.
Early this morning's high in the USD/INR touched the 81.6880 ratios; last Wednesday's high in the currency pair was near the 81.8320 vicinities.
However, the USD/INR fell to a mark of nearly 81.1250 on the 18th of January also, after weaker than expected U.S Retail Sales figures were released and financial houses reacted. The USD/INR traded at a low yesterday near 80.8500, then a reversal higher was produced causing bedlam along the way. Important U.S Data will be Published this Week and will affect the USD/INR
On Thursday of this week, the U.S. will release GDP numbers which will affect the USD/INR . Before this occurs the currency pair will have a rather wide technical range for day traders to consider. The results of the last week should cause speculators to practice solid risk management and not aim for targets that are too far away, this is because swift reversals may make profits vanish quickly if they have not been cashed in via the users trading platform in a fast manner.
The 81.5000 may serve as a short-term psychological pivot point for the USD/INR. If trading is sustained above this speculators may believe higher targets near 81.5500 to 81.5800 can be aimed for via buying positions. If the USD/INR trades below the 81.5000 level, some speculators may want to aim for the 81.4500 to 81.4200 levels as fast targets. Narrow goals will need strict stop-loss orders too in order to protect traders against short-term reversals. Last Week's Volatility is Likely to Continue in the Coming Days
The USD/INR has been able to maintain its lower price range which has been demonstrated since the start of January. Traders may feel the USD/INR still has some room to explore lower. The USD/INR has been in a pronounced long-term bullish run higher, but the momentum lower the past few weeks has proven to have some power. Traders should remain realistic regarding selling wagers and not use too much leverage. If U.S data is weaker than expected in the coming days, this might cause some more downward price action in the USD/INR and more challenges to current support ratios.USD/INR Short-Term Outlook:
Current resistance : 81.5500
Current Support: 81.6800
High Target: 81.6100
Low Target: 81.3700
Ready to trade our
daily forex forecast ? Here's a list of some of
the best forex brokers
to check out.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.