Sections
Return to News Categories

ALL NEWS SECTIONS:
MOST POPULAR SECTIONS:
Cattle - Hogs / Livestock News
Interest Futures News
Metals Futures News
Reports: Crops, CFTC, etc
Soft Commodities News

Futures and Commodity Market News

USD/INR: Consolidation in Short-Term Higher Range Intrigues

Sep 15, 2021 (MENAFN via COMTEX) --

(MENAFN - Daily Forex) Advertisement The rupee has been extremely popular lately - don't miss these interesting opportunities!

Trade Now

The USD/INR has produced a tighter range the past couple of days and is situated within the higher realms of its short-term range. Having achieved a high of nearly 73.8700 on the 9th of September and then experiencing a sharp reversal lower, the USD/INR has incrementally since then added value after falling to a low of about 73.3600 on the 10th of September.

Currently, the USD/INR is hovering near the 73.6400 level with a natural cycle of minor reversals taking place. Short-term support near the 73.6000 level may prove to be important, but this may be a false flag and actual key support is more likely situated near 73.5800. If those junctures begin to be tested it could mean some bearish pressure may be exhibited. A low of nearly 73.5200 was seen early yesterday.

Technically, the rather consolidated range of the USD/INR correlates rather well to the mood in the broad global markets. Nervous sentiment continues to show evidence of mounting the past couple of weeks, particularly in indices as they fail to make steady advances and in fact have run into headwinds. If these conditions continue to create a cautious approach, this may have an impact on Forex and the USD/INR, which means the pair could see some safe haven buying demonstrated.

Current resistance for the USD/INR is near the 73.6700 mark and, if this falters and the 73.7000 level begins to see a challenge, this could indicate further upside momentum is a potential for the USD/INR. Yesterday's trading produced a high of nearly 73.7300 and this ratio could become a target for ambitious speculators who have the ability to allow their positions to work. However, if a trader wants to pursue the higher resistance levels within the USD/INR they should be ready to possibly have to hold onto their positions overnight.

The USD/INR, via its mid-term charts, actually remains in bearish territory, but recent trading has certainly produced a slightly higher climb which may be shaking the sentiment of speculators who still want to be sellers. The near term for the USD/INR may prove to be choppy and if consolidated trading remains, and nervous sentiment is seen in global indices, technically the Forex pair may find itself continuing to test higher values.Indian Rupee Short-Term Outlook

Current Resistance: 73.6800

Current Support: 73.5800

High Target: 73.7900

Low Target: 73.4700

MENAFN15092021000131011023ID1102801008

comtex tracking

COMTEX_393372309/2604/2021-09-15T06:21:37

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX.


Extreme Futures: Movers & Shakers

Hottest

Actives

Gainers

Today's Hottest Futures
Market Last Vol % Chg
Loading...

require_once('footer.inc'); ?>