The USD/PKR has turned in a curious price range the past handful of days and in fact the last two weeks as it has incrementally climbed higher in a quiet manner.
- Traders of the USD/PKR currency pair are always looking for clues regarding the currency pair’s trend, particularly because there is a lack of correlations compared to the broad Forex market.
- The USD/PKR is near the 278.5550 ratio at the time of this writing. Intriguingly the currency pair has touched a high around 278.7755 mark earlier today, which is a value that had last been seen since the 12th of July.
On the 19th of July the USD/PKR touched a low of almost 277.8000. The currency pair since touching this low has sprung higher. However, it is important to note that there has not been a lot of price velocity, trading volumes remain astonishingly low in the USD/PKR, and reversals do happen in the currency pair which means retail traders cannot bet blindly on a perceived movement. Yet, the ability to climb higher the past couple of weeks is curious and what happens next will tell us a lot about the USD/PKR and Central Bank of Pakistan.
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Lower Move After Early High Attained in USD/PKR
After touching this morning’s high in the USD/PKR the Forex pair did turn a bit lower. Speculators are reminded to use entry price orders in the USD/PKR, so they are not given fills that prove bewildering. The ability to use the higher resistance level which was hit this morning as a take profit ratio may have proven difficult. Except yesterday’s high in the USD/PKR touched the 278.7475.
The reason strict entry price orders are highlighted as a suggestion for the USD/PKR is because volumes are limited. Meaning the pair doesn’t touch certain values for a long time before reversing and opening the prospect of not being filled in a trade. The use of technical charts is important for day traders to gain additional perspective in the USD/PKR, but it is also better to aim for values below apex heights and the lowest of depths, because a broker may suggest that an order has not been filled because the currency pair didn’t sustain the price targeted for a long enough time.
Near-Term Considerations in the USD/PKR this Week
Because the USD/PKR has touched highs yesterday and today, the currency pair may be about to test highs seen in early July. But traders should not count on these good graces as a take profit realm. Instead, traders may want to use lower moves in the USD/PKR to around the 278.4000 278.3000 as locations to then look for upside price momentum to develop.
- Traders as always in the USD/PKR need to understand that stop loss and take profit orders should be used to guard against sudden spikes.
- And the use of conservative leverage is highly recommended.
Pakistani Rupee Short Term Outlook:
Current Resistance: 278.6440
Current Support: 278.4900
High Target: 278.5400
Low Target: 277.3790
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