USD/PKR Analysis Today - 25/07: Speculative Range (Chart)
Date
7/25/2024 3:07:26 PM
(MENAFN- Daily Forex) The USD/PKR has traded higher the past few days and as of this writing is near the 278.3601 ratio per the official quote of the Pakistan Central Bank.
Speculators pursuing the USD/PKR exchange rate need to understand they are wagering on a tightly controlled official rate from the Pakistan Central Bank, and also a currency pair that has very little volume. While the highs and lows technically of the USD/PKR can certainly deliver trading perspectives, the interpretations of the currency pair's gyrations can also be debated. The ability for the USD/PKR to move higher the past couple of days may be held out as a sign that some type of correlation with the broad Forex market is merited, but that would likely be wrong.
A look at a five day, one and three month chart of the USD/PKR offers the insight that the value of the currency pair has remained within a very tight realm. Patience and the ability to withstand overnight charges is important for speculators of the USD/PKR. Targets which are not overly ambitious, but merely are looking to trigger take profit orders are a significant tactic. However, waiting for a price target to be touched also requires the elimination of emotion by speculators.
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While the USD/PKR has gained the past few days after touching a low of nearly 277.8000 last Friday is intriguing. But the highs in the USD/PKR now being traversed within its near-term realm are still below values seen in early July when the currency often touched the 278.8000 marks and upwards. The lack of a broad correlation to the global Forex market makes the USD/PKR a casino.
The U.S will be releasing important GDP reports today which will focus on growth and inflation, but the results of these publications will likely have little to no effect on the USD/PKR. While it would be great to be able to say the outlook of financial institutions regarding a more dovish U.S Federal Reserve will be a factor in the USD/PKR, that is not the case. Technically the currency pair remains within a realm that dictates speculators must wager on small trends which are alone in the Forex wilderness and Near-Term Speculation in the USD/PKR
Traders may be tempted to continue to wager on higher resistance levels triggering moves lower in the USD/PKR. However, stop loss orders will be important in the short and near-term considering the value of the USD/PKR has remained under its higher resistance levels seen in the second week of July.
Quick hitting trades are urged in the USD/PKR for those who choose to pursue the currency pair. Looking for lower moves should be done carefully and with solid risk taking insights being practiced.
Pakistani Rupee Short Term Outlook:
Current Resistance: 278.4000
Current Support: 278.1900
High Target: 278.7500
Low Target: 277.9990
Ready to trade our daily Forex forecast ? Here's a list of some of the top brokers & trading apps in Pakistan to check out.
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