August 14, 2022
  • August 14, 2022

USD / INR Forecast: May 2021

By on April 30, 2021 0

The USD / INR provided fierce trading complications in April, as the implications of the coronaviruses wreaked havoc on the currency pair and resulted in strong bullish momentum.

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At the start of May, USD / INR traders are certainly hoping for better speculative conditions. On the 1st In April, the USD / INR was trading near the 73.1600 junction and had experienced a rather choppy month of value in March. The one month and three month technical charts clearly show the rise and fall that has been seen in the USD / INR.

The last two months of trading for the USD / INR have been affected by sentiment changes due to the US stimulus policy and a coronavirus surge in India. However, at the start of May, traders can look forward to potentially quieter days.

USD / INR is trading at an important technical stage. The value 74.0000 should be watched closely as it is browsed. Since peaking at 75.5600 on the 21stst from April, the USD / INR gradually found the ability to create a downtrend. The Indian rupee is always in the upper range of its value when looking at a three month chart and the question is whether and when behavioral sentiment will start to turn bullish.

If bullish sentiment begins to create a shift in attitude, the USD / INR is technically in a position which may demonstrate the ability for a rather intriguing reversal down with the currency pair. Traders should be careful and keep their eyes on the current USD / INR price level. If the 74.0000 mark starts to see sustained trade below, sellers may think the currency pair has the ability to regain its long-term bearish sentiment.

The last two months of trading have not been easy for speculators who favor bearish positions. In order to pursue short positions, traders should definitely protect their positions with stop losses. However, from a risk-reward trading perspective, most of the ground may turn out to be downward momentum which appears to have rather vulnerable support levels below.

One cannot fault speculators for seeking more short-term reversals. The current news from India regarding the coronavirus is certainly worth considering, but traders need to understand the possibility that much of the “ frightening ” price action resulting from the momentum of The purchase has already taken place and calmer trading conditions can be observed in the coming weeks. Technically, the USD / INR appears to remain overbought and has even more downside room for the month of May..

USD / INR outlook for May:

The speculative price range for USD / INR is 73.0500 to 75.4500.

Support near 73.7500 looks crucial. The last time this junction was exchanged was at the end of the first week of April. If this value is called into question and weakens, it could pave the way for fierce momentum and a re-examination of the current sentiment within the USD / INR. If a downtrend can build the 73.5900 mark, it should be watched. Sustained trading below the 73.5000 value could certainly create a test that begins to target the 73.2000 junction which was last traded on the 1st April.

Price action near 74.0000 could prove to be psychologically instrumental for technical traders. If the value of the USD / INR is not able to maintain its values ​​below this level and the 74.2000 if it is flirted and crossed higher, it could indicate that more bullish activity is coming. Junctions 74.3000 to 74.5800 could become a solid testing ground if the USD / INR continues to be studded with buyers. If this level turns out to be vulnerable than conceivable, the highest USD / INR range that was presented on the 8the until 28e April could once again become a battleground.

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