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USD/INR Analysis Today - 22/08: Sharp Drop, Rebound (Chart)
(MENAFN- Daily Forex) The USD/INR is back within the upper realms of its price range as its bounces along near important psychological resistance levels, this after suffering a surge lower which caused pain for retail traders.
- Forex is difficult enough in an openly traded market in which speculators have to contend with fundamentals, technical charts and behavioral sentiment.
- The USD/INR pair offers an absurd amount of challenges for speculators if they want to pursue wagers on direction.
- The price of the USD/INR at this moment is around 83.9500, on Friday of last week the currency pair touched a high near 83.9685 with repeated tests and then began to reverse lower. But the story and reasons for speculative concern do not end there.
- The USD/INR remains firmly near highs and betting against this upwards trend is dangerous.
- Yes, a selling position looking for nearby support to be hit with a reversal lower is legitimate, but if a trader doesn't have deep pockets and the USD/INR doesn't move in the selected direction during the needed timeframe, the trader could find the logical wager simply losses money.

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