Start Trading Now Get Started
  1. DF
  2. Technical Analysis
  3. USD/INR: Steady Range Hit by Sudden Spike but Calm Returns
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/INR: Steady Range Hit by Sudden Spike but Calm Returns

By Robert Petrucci
Robert Petrucci
By 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.

The past five days of trading have been mostly calm for the USD/INR, but yesterday a spike upwards may have caused momentary panic for some speculators.

 

The USD/INR remains within a rather steady price range, but late yesterday the Indian rupee displayed a sudden spike upwards which quickly reversed downwards. These types of sudden jolts within the USD/INR are something speculators caught on the wrong side of the trade, but the spike upwards was met with a clear reversal lower and the Forex pair returned to its known trading range.

As of writing this morning, the USD/INR is near the 73.720 level which is comfortably within the values the Forex pair has maintained the past five days of trading. The past handful of days has mostly produced a range between 73.490 and 73.930. The one-month low for the USD/INR was around 73.370, which happened on the 2nd of December. On the 9th of October, the USD/INR did touch a low water mark of 72.830 approximately.

Since the middle of November, the USD/INR has produced a rather steady bearish trend, but its current price range short term has proven that support levels appear rather strong. Speculators may be inclined to pursue downward momentum with the USD/INR, but they need to take into account the rather strong support levels which have not been able to see an accomplished amount of sustained trading below certain junctures.

Short term, the 73.560 support ratio has proven strong, and when it has been broken lower, traders can see technical bounces occurring around the 73.470 level. Until these support levels are punctured with a sincere amount of trading being sustained below these marks, traders should continue to look for reversals to dominate within the USD/INR.

Selling the USD/INR at its higher levels when resistance is approached remains an attractive opportunity for traders. However, yesterday’s sudden and violent spike upwards show that stop loss orders should always be in place when trading the USD/INR, unless a trader has a profound amount of cash in their trading account. Pursuing downside momentum in the USD/INR near the 73.750 to 73.850 junctures remains a logical wager for this Forex pair if take profits orders placed near support levels are active.

Indian Rupee Short-Term Outlook:

  • Current Resistance: 73.860
  • Current Support: 73.560
  • High Target: 74.080
  • Low Target: 73.410

USD/INR

Robert Petrucci
By 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.

Most Visited Forex Broker Reviews

Latest News

View More Articles

Related News

View More Articles

Bonuses & Promotions

View All