Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

FxWirePro: USD/INR might decline as retail sentiment turn bullish on pair

Our options market model is suggesting that after being bullish on INR since 69.5 per USD, the retail sentiment has just turned bearish on INR as the pair is testing a resistance area near a crucial downtrend line. Take a look at the chart for greater clarity.

The retail bullish sentiment peaked on last Thursday and has been gradually declining since. It first took a dip on the bearish territory but finished the day being bullish on INR. But today, according to data from India’s National Stock Exchange, the retail sentiment maintained in the bearish area.

A shift in sentiment is extremely significant at this crucial resistance area. It is likely that the pair would decline from here. However, today’s price action would be very important since the only option for the USD/INR would be a breakout if it doesn’t decline. It is also important to note that since the broader trend is still bullish for USD/INR, a breakout aligns with the longer term trend.

In either case, expect higher levels of volatility.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

April 19 12:30 UTC Released

USHouse Starts MM: Change

Actual

-0.3 %

Forecast

Previous

-8.7 %

April 19 12:30 UTC Released

USHousing Starts Number MM

Actual

1.139 Mln

Forecast

1.23 Mln

Previous

1.162 Mln

January 31 00:00 UTC 639024639024m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 639024639024m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 650844650844m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 639024639024m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 650844650844m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 639024639024m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 639024639024m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 639024639024m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.