USD/INR: Reversals Remain Prevalent as Value Range Holds

Robert Petrucci

The USD/INR has delivered fresh reversals early today, but its short-term value band continues to hold steady and offers speculators opportunity.

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The USD/INR has reversed slightly higher in early trading this morning, but its short-term value range has proven fairly reliable for technical traders. Resistance levels may continue to serve as a secret sauce for speculators who continue to favor pursing bearish sentiment within the USD/INR when the situation arises. While reversals higher have been experienced the past week, the ability of the USD/INR to produce prompt downward action remains in evidence.

Risk appetite remains rather aggressive globally even in the midst of questions regarding US bond yields in the wake of more stimulus packages being discussed in America. Forex, including the USD/INR, has certainly seen choppy waters the past few weeks, but traders likely have also found that resistance levels have often proven adequate as known value bands remain intact.

Resistance near the 72.6600 level early today remains attractive as a stop loss wager for speculators who believe the USD/INR will not traverse much higher than this level. As of this writing, the USD/INR is traversing below the 72.6000 level and traders may be tempted to sell the Forex pair within this vicinity to target support junctures which have consistently been tested.

The 72.5500 to 72.5000 marks appear to be likely focus points for USD/INR speculators if they choose to sell. A key inflection point for the USD/INR is the 72.4000 ratio. If this value below begins to show signs of proving vulnerable, USD/INR traders with a longer-term framework may believe this mark is a vital indicator to reestablish even more swift bearish momentum in the Forex pair.

The USD/INR has produced a rather strong month of trading in March as its values have incrementally lowered after hitting highs in late February after a shock spike higher. Traders may be looking at support levels and also considering the possibility they will produce reversals higher once again, but interestingly, resistance levels have continued to lower since the 8th of March. If the current resistance levels of 72.6000 to 72.6600 remain strong, this may increase the temptation for speculators to try and take advantage of the perception more bearish trading will emerge near term.

Indian Rupee Short-Term Outlook:

Current Resistance: 72.6600

Current Support: 72.5100

High Target: 72.7400

Low Target: 72.4400

USD/INR

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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