The USDINR will begin trading near the 82.7100 level when the New Year’s trading begins: forextrading technicalanalysis forex FX
of December, but from that point onwards - traders who had become attracted to bearish perspectives likely found a difficult wagering path and poor resultsof December and up until the end of the month, delivered price action largely between the 82.9800 level as a high and a low of 82.3450 a base.
. The resulting higher range which has stayed within sight of the 83.0000 level as resistance is perplexing simply because the USD has been weaker against many of the other major currencies. The past three weeks of trading in the USD/INR have certainly been difficult to ignite profitable selling positions.The past week of USD/INR trading has likely been affected by a lack of large institutional trading, due to the holiday season, but this is not 100% clear.
Technical traders who believe the weaker USD in other Forex pairs would ignite more selling of the USD/INR may have to reconsider their opinions.Speculators of the USD/INR should be very careful in the coming days. While it looks appealing to dream about the potential of a fall in value to the USD/INR it has simply not developed yet. The USD/INR would have to break below the 82.0000 ratio and see sustained trading below to gain the confidence of large group of bearish traders with a great exuberance.
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