USD INR investing tip for Feb-13- Forex day trading: Generatebucks

Forex daytrading is quite common among investors and the currency rate effects almost every commodity. Yesterday entire commodity market were seen trading in red zone since we saw decline in USD INR. The Feb contract fell .84% and this morning we saw Rupee showing more strength.

Forex Daytrading - Generatebucks
Forex Daytrading - Generatebucks
Yesterday was the biggest single day drop for USD INR this year and MCX commodities were under pressure.

Indian Rupee opened 21 paisa higher yesterday against dollar due to decline in dollar index. The food inflation index released this month had a positive impact in INR so we can expect the Rupee to saw more strength this week.

Dollar was seen trading under pressure after rallying in the past few sessions after US President said that he could let the March 1 deadline for a trade agreement with China “slide for a little while,” but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. US tariffs on $200 billion worth of imports from China are scheduled to rise to 25 per cent from 10 per cent if the two sides cannot reach a deal by the deadline, increasing pain and costs

Based on the technical analysis and fundamentals USD INR is expected to trade around 69.50- 71.80 for a while

Forex daytrading tip for USD INR

Sell on rise should be the strategy for USD INR. I am expecting INR to gain strength and so selling USD INR on high levels will be advisable

Sell USD INR at 70.70 for target of 70.30 with stop loss of 71.10. For positional traders, we can expect the prices to go down till 70.10 -69.70 in upcoming sessions.

If the trade war discussion find a solution than expect this to counter to trade in zone of 70.00-71.50

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