We once again saw an inability of the buyers to keep prices steady above 68.33 in the week gone by. So whilst the upside momentum is clearly seeing supply adding up, we are not noting the presence of sellers at lower levels still. In sum, the Buyer is still in control in USDINR but there is a lack of new demand above 68.33F.
Last week’s post on USDINR here: http://vtrender.com/usdinr-jan-feb-f-for-25-29-jan-with-tradeable-levels/
- USDINR not able to sustain above 68.33F and shows a lack of new demand there.
- However supply at lower levels still not visible
- We see 67.76 F as support during the week to come
- Resistance will be defined at 68.33F
- If the auction moves above 68.33 then the objectives are 68.55 again and then 69.00
- If support at 67.76 breaks the auction can move down to 67.44 and 67.26.