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FxWirePro: Indian rupee trades flat against U.S. dollar, stay bullish only above 74.52 mark

  • USD/INR is currently trading around 74.38 marks.
     
  • It made intraday high at 74.52 and low at 74.32 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 74.52 mark.
     
  • Key resistances are seen at 74.57, 74.77 and 74.95 marks respectively.
  • On the other side, initial supports are seen at 74.13, 73.86, 73.60, 73.48, 73.22, 72.89, 72.45, 72.12, 71.50, 71.33 and 71.13 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • India’s NSE Nifty was trading around 2.50 percent lower at 10,200.20 points while BSE Sensex was trading 2.38 points lower at 33,938.82 points.

We prefer to take long position on USD/INR only above 74.52, stop loss at 74.05 and target of 74.77.

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