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USD/INR: Higher Trading Realm Remains Speculative Playground

Oct 14, 2021 (MENAFN via COMTEX) --

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The USD/INR has managed to sustain its higher price range the past couple of days and fought off what appears to be natural reversals within the Forex pair while maintaining a rather bullish perspective.  As of this writing, the USD/INR is near the 75.3200 mark. In early trading this morning a low of nearly 74.2100 was seen, but produced a rather swift upwards reversal. Support ratios continue to prove durable, and when confronted by fast conditions, the USD/INR has been able to demonstrate that bullish sentiment remains a factor.

The choppy short-term conditions within the USD/INR however must be dealt with astutely by traders. The use of too much leverage within the Forex pair which does not allow a trade to properly be situated because it doesn't allow for moves to go against the trader can prove dangerous under the present conditions.

Traders need to understand that volatility within these higher price ratios being displayed in the USD/INR can knock them out of trades quickly. If price action goes against the speculator and the value of the pip movements is too large, they might not be able to withstand incremental changes in value due to too much leverage being used.

Technically, if the 75.3000 level is able to prove durable as support in the short term, this could be a signal additional bullish action will prevail. The 12th of October saw a test of the 75.6800 level which eclipsed highs made in April during the height of a coronavirus wave in India . The ability of the USD/INR to hit a long-term high and be able to stay within sight of its upper realm suggests buying conditions may have more strength near term.

Conservative traders with bullish perspectives may want to wait for slight selloffs within the USD/INR to initiate their long positions and seek further upside price action. Short-term traders may want to target nearby resistance levels as potential take profit targets. The 75.3600 to 75.3800 ratios appear attractive as potential goals for quick hitting endeavors. In earlier trading this morning the USD/INR did hit the 75.5000 level, however traders are reminded not to become overly ambitious allowing trades work too long and then watch profits vanish into thin air. Cashing out winning positions is a good solution and the use of take profit orders working in the trading system can help.

Indian Rupee Short-Term Outlook

Current Resistance: 75.4200

Current Support: 75.2900

High Target: 75.6700

Low Target: 75.1700

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comtex tracking

COMTEX_395167567/2604/2021-10-14T05:29:21

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