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Negative bias visible in USD-INR pair, deploy Bear Call Spread strategy
Considering the India’s positive economic triggers and decent inflow of foreign currency, INR is likely to appreciate further in the coming days and negative bias can be expected in USD/INR in the short term. Manish Srivastava December 12, 2020 / 01:03 PM IST
The US Dollar/Indian rupee (USD/INR) traded in a narrow range in the week gone by and closed almost flat on a week-on-week basis. The structure suggests that the current phase of consolidation is laying a foundation for the next leg of move.
Generally, the price breaks out in the direction of an original trend after a mild pause and in the current case, the overall trend is favouring the bears. The prices are trading below all major short-term and medium-term moving averages where short-term averages have developed a negative curve.
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