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MENAFN- Daily Forex)
During my daily analysis of exotic currency pairs, the US dollar is captured my attention as we continue to see it stretch higher against the Indian rupee. We are sitting above the ₹84 level, an area that I think has been important multiple times in the past so it does make a certain amount of sense that we would see the market struggle a little bit with momentum at this point.
That being said, the market is likely to continue to see a lot of questions asked about the market whether or not we can continue to go higher at this rate, so I think a short-term pullback does make a certain amount of sense. If we were to break down below the ₹84 level, then we might see a correction toward the 50 Day EMA, which is closer to the ₹83.80 level. Ultimately, this is a market that I think will continue to be one that you need to look to find value in, because every time we get a little bit of a pullback, the market is likely to continue to see a lot of jittery behavior. Nonetheless, I think this is a market that continues to be very bullish, and therefore think you have got a situation where the trading public will continue to look at this through risk appetite perspectives anyway.
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Risk appetite is a major factor in this pair, because the US dollar of course is considered to be a massive“safety currency”, that a lot of people will have to pay close attention to. All things being equal, the market is likely to continue to see a lot of questions asked about the overall global economy, which of course has a major influence on what goes on in this pair, as the Indian rupee is an emerging market currency, meaning that people will be looking very closely to India for potential investment opportunities if there is more risk appetite out there, and of course the market will turn around if there are a lot of noise and concerns, something that is certainly the case at the moment.
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