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    Rupee likely to trade in 73.90-74.90 range this week

    Abstract:USD/INR traded with positive bias throughout the last trading week and appreciated by more than 60 paise on a week-on-week basis. The candle formed on November 9, 2020, with high upper and lower shadow generated demand at lower levels which was followed by three bullish candles in a row.

      USD/INR traded with positive bias throughout the last trading week and appreciated by more than 60 paise on a week-on-week basis. The candle formed on November 9, 2020, with high upper and lower shadow generated demand at lower levels which was followed by three bullish candles in a row.

      The downward trend of the currency pair seems to be getting abated but the road for bulls still looks skeptical and the range-bound move can be expected in the coming trading sessions. The bullish crossover of short term and medium term moving averages are likely to provide a cushion to the prices at lower levels while the short term negative divergence and overhead resistance of 74.70 could abate the up move for time being. Apart from this, the declining trend line originated by joining the highs of April 21, 2020, and June 18, 2020, could act as a supply point at 74.90 per USD. The base for the short term is emerging at 73.90 per USD and traders can expect the currency pair to trade in the range of 73.90 to 74.90 per USD in this trading week.

      Considering the overall scenario, it is quite apparent that the currency pair is trading near a strong resistance zone and to trade the setup traders can deploy “bear call spread”.

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