The USD/INR touched new highs in early trading today as the currency pair continues to show signs of its bullish trend remaining strong.
Traders who are simply looking to buy the USD/INR do need to be careful.
Yes, the move higher has been impressive, but staying realistic is important while speculating in Forex. The move over the 79.0000 has been accomplished with a strong amount of momentum and psychologically speculators may be targeting the 80.0000 mark, but the next run higher may not ignite short-term.While traders cannot be blamed for believing the 80.
. Realistic targets are important while trading. Looking for technical resistance levels are difficult when record highs are being made, but waiting for slight reversals lower and anticipating a rebound higher which aims for resistance levels accomplished earlier in the day can prove to be worthwhile sometimes. Aiming above the higher marks needs patience and ability to emotionally remain calm.
Record highs in USD/INR make the search for resistance difficult, but using price reversals lower and then aiming for recent highs is a realistic goal.The mark of 79.6000 in the short term appears to be proving durable as resistance, but if this mark is toppled speculators could begin to look at the 79.7000 and 79.7500 levels as realistic.
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