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- USD/INR is currently trading around 71.70 marks.
- It made intraday high at 71.93 and low at 71.60 marks.
- Intraday bias remains neutral till the time pair holds key support 71.60 mark.
- Key resistances are seen at 72.02, 72.24, 72.50, 72.86, 73.02, 73.45, 74.04, 74.28, 74.57, 74.77 and 74.95 marks respectively.
- On the other side, initial supports are seen at 71.60, 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. Current downside movement is short term trend correction only.
- India’s NSE Nifty was trading around 0.10 percent higher at 10,693.22 points while BSE Sensex was trading 0.20 points higher at 35,526.55 points.
We prefer to take short position on USD/INR only below 71.60, stop loss at 72.00 and target of 71.33 mark.
