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USD/INR Forex Signal: US Dollar Rallied Against Rupee

Potential signal:

I am a buyer of this pair, but I would like to see a short-term pullback to get involved “on the cheap.” I would be a buyer at 83.25, with a stop loss at 83. I would be aiming for 83.70 above.

USD/INR Signal Today - 30/05: USD Rallies vs INR (Chart)

  • The 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.
  • This of course is a bullish sign and it’s probably worth noting that recently we have bounced from the 200-Day EMA.
  • The 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.

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    Looking at the chart, it’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 ₹83.50 level, then it’s possible that we could see this market really start to take off, perhaps trying to get to the ₹83.75 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.

    Ultimately, 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.

    Technical Analysis

    Breaking 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 ₹83.25 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 “buy on the dips” type of scenario.

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    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.

     

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