After a sustained period of strength in
the USD, the technical indicators suggest that of late it is giving up against
the INR, even if for a brief spell. However, the overall bullish structure of
the USD is intact as yet.
The INR will stay strong against the USD
in today’s trade for as long as it trades below the 58.85 mark in which case it
might flare down to as much as 58.21. Even if it does weaken today, the
intermediate trends will be bullish for INR till as long as it does not breach
the intermediate support of 59.52. However, USD will become bullish only if it
trades for more than 59.52 per INR.
Intraday traders may trade accordingly
depending on which side of the 58.85 mark it trades i.e. they may go long on
INR below and short above this mark with stop loss in either case at 58.92 and
58.78 respectively.
Disclaimer: The
writers of this column do not personally hold any position in the currency
market and do not intend to benefit in any way by publishing this column. The
final discretion is that of the reader and we disown any responsibility for any
loss incurred by the reader.
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