FxWirePro: USD/INR remains well supported above 66.50 mark, bias remains neutral

• USD/INR is currently trading around 66.66 marks.
   
• It made intraday high at 66.71 and low at 66.61 marks.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 66.83 marks.
   
• Key resistances are seen at 66.74, 66.83, 66.96, 67.05, 67.16, 67.28, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
   
• On the other side, initial supports are seen at 66.57, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.24, 66.10, 65.95 and 65.81 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.46 percent lower at 8,445.10 points and BSE Sensex was trading at 0.32 percent lower at 27,341.46 points.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.