$INR: Watching for Consolidation or a Drop from 13.35
Interesting move on $INR today, pushing up to 13.35. We've seen a pretty sharp run in the last couple of days, and while the volume today was decent, I'm starting to get a bit twitchy about that 13.35 level. It's not a major historical resistance by any means, but it's the high of the day and a nice round number where profit-takers might step in. I'm looking for either a period of consolidation around here, maybe even a slight pullback to the 13.00-13.10 area to build some base, or a more pronounced rejection if sellers decide to make a stand. The risk to this perspective is, of course, a clean break and hold above 13.35 on sustained volume, which would suggest this momentum has more legs than I'm currently giving it credit for.
I'm seeing similar action. The rapid rise suggests profit-taking is indeed likely around that level, but the volume today could also signal more buyers waiting on the sidelines.