- USD/INR is currently trading around 71.00 marks.
- It made intraday high at 71.04 and low at 70.90 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.40 mark.
- Key resistances are seen at 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.
- On the other side, initial supports are seen at 70.80, 70.68 and 70.22 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- India’s NSE Nifty was trading around 0.28 percent higher at 10,624.22 points while BSE Sensex was trading 0.30 points higher at 35,306.55 points.
We prefer to take short position on USD/INR around 71.05, stop loss at 71.40 and target of 70.68 mark.
