CURRENCY MARKET OVERVIEW :
Currency Market Overview January 16, 2024
USD/INR Technical view:
The pair has the major support at 83.00(Spot) levels. Short covering is expected in short run. Fresh buying opportunity will be seen at 83.47 levels which is also an all time high. The broad range for the week is 83.30-82.60 levels. In Short term more selling opportunity is expected as the major support of 83.00 levels was broken in USD/INR and will see a drop to 82.80, portraying the confluence of the lower limit of the trading range and a low of Sep 12. The next contention level will emerge near a low of Aug 11 at 82.60. The momentum indicators show the downward signal and hence the short term selling is expected in near term. The major support would be 82.70 which is also a 200 day SMA. Breakdown below this level will give more selling opportunity and then the target 82.45/82.15 levels.
Thank you for reading this post, don't forget to subscribe!
CLICK TO OPEN FOR MORE INFORMATION ABOUT CURRENCY UPDATE :