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- USD/INR is currently trading around 70.68 marks.
- It made intraday high at 70.83 and low at 70.68 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.00 mark.
- Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.67, 70.47, 70.10 and 69.48 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- India’s NSE Nifty was trading 0.27 pct lower at 11,540.55 points while BSE sensex was trading 0.20 points lower at 38,920.77 points.
We prefer to take short position on USD/INR around 70.72, stop loss 70.90 and target of 70.47/70.10.
