USD/INR Signal Today - 30/05: USD Rallies Vs INR (Chart)
Date
5/30/2024 2:47:48 PM
(MENAFN- Daily Forex) Potential signal:I am a buyer of this pair, but I would like to see a short-term pullback to get involved \u0026ldquo;on the cheap.\u0026rdquo; I would be a buyer at 83.25, with a stop loss at 83. I would be aiming for 83.70 above US dollar rallied significantly during the course of the trading session on Wednesday, as we have broken back above the 50-Day moving average EMA of course is a bullish sign and it\u0026rsquo;s probably worth noting that recently we have bounced from the 200-Day EMA 200-Day EMA is an indicator that a lot of people pay close attention to, so it does make a certain amount of sense that we would see it play out here as support. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, }); var Top5PanelSections = { Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, }Looking at the chart, it\u0026rsquo;s obvious that we have seen a lot of bullish pressure in the last couple of days, and I think that will continue to be a major factor going forward. If we can break above the \u20B983.50 level, then it\u0026rsquo;s possible that we could see this market really start to take off, perhaps trying to get to the \u20B983.75 level. Ultimately, it looks like we could be a little extended in the short-term, but I think given enough time we could see quite a bit of volatility and perhaps even a bit of a pullback, but ultimately, I do think that the US dollar continues to strengthen against the rupee over the longer term, this is a market that I think will continue to be very erratic, due to the fact that we have seen a shift toward the US dollar of the last couple of days, and of course the Indian rupee is an emerging market currency, so it does make quite a bit of sense that we would see a little bit of noise as traders try to sort out whether or not they are willing to take a lot of risk AnalysisBreaking above the 50-Day EMA of course makes a certain amount of sense, and if we can break above the top of the candlestick then I think we continue to see a lot of bullish pressure. Short-term pullbacks will continue to be crucial, and I think that the \u20B983.25 level will be a level that a lot of people will have to pay close attention to. I believe that this continues to be a \u0026ldquo;buy on the dips\u0026rdquo; type of scenario.
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