The USD/INR has offered speculators a rather interesting technical opportunity the past week, but conditions remain volatile and can produce sudden surprises.
As of this writing the USD/INR is trading near the 79.6100 level. If a speculator had gone away for a week and had not looked at the price of the USD/INR currency pair, they could assume not much has taken place the past five trading days. However, the USD/INR has produced a rather intriguing range. A low of nearly 79.0000 was achieved on the 10th of August, which actually stayed above lows seen on the 5th of August when the USD/INR came within sight of 78.9000.
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The USD/INR Remains in a Rather Steady Range and Also within its Upper Price Realms
Some speculators may look at the USD/INR and take into consideration the Forex pair remains within the upper boundaries of its bullish trend. Certainly the values of the USD/INR remain elevated taking into consideration its long term chart. Also, in the short term the USD/INR has increased and remains within sight of the 80.0000 mark which may be a rather important psychological barometer for the health of the USD/INR in the minds of financial houses.
August Trading Results Sometimes Prove to be ‘Artificial’ and USD/INR should be Alert
Traders who are keen to try and wager on further upside action however, technically can see resistance levels within the current range have been durable. One of the problems for traders is ‘trusting’ the results and wondering if the value of the USD/INR is suddenly going to produce volatile price action.
The month of August is a relatively quiet month of trading globally, so speculators should remain conservative and be ready for unexpected gyrations. If a sudden breakout were to occur, chances are that equilibrium would be found again.
Resistance near the 79.7000 to 79.7500 continues to look durable, short term wagers on upside should monitor these values as targets perhaps.Support near the 79.4400 mark should be watched, anything below this depth could spark some bullish speculative buying.
The range of the USD/INR looks to be a worthwhile speculative playground, but traders need to make sure their risk management is in full use. Attempting to pick off incremental ups and downs within the current market conditions as long as support and resistance levels remain durable, may be a chance to wager on small changes in value from the USD/INR. However, sudden volatile spikes are always possible. Traders need to use entry price orders and have a targeted goal in mind to capture.
USD/INR Short-Term Outlook
Current Resistance: 79.6600
Current Support: 79.5690
High Target: 79.7910
Low Target: 79.4400
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