FXstreet.com (Barcelona) - The USD/INR 1 Month NDF dropped from its all time high at 57.81 to encounter support at 54.58 before bouncing back up. “The reversal seen slightly above the 38.2% Fibonacci retracement of the 2012 advance at 54.36 should continue in the weeks to come”, wrote analyst Axel Rudolph. “This, together with the 54.07 late December high, may still, although now less likely, be retested, however, but should then offer support”, he added, pointing to the regain of 56.41 to favor the upside and an eventual rise above 57.82 over the summer.
EUR/USD May 24 at 04:04 GMT
1.2915/18 (-0.13%)
H1.2938 L 1.2904
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
