- USD/INR is currently trading around 70.34 marks.
- It made intraday high at 70.37 and low at 70.23 marks.
- Intraday bias remains neutral for the moment.
- Key resistances are seen at 70.48, 70.57, 70.86, 71.06 and 71.48 marks respectively.
- On the other side, initial supports are seen at 70.15, 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 marks respectively.
- 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.
- India’s NSE Nifty was trading around 0.37 percent lower at 10,781.58 points while BSE Sensex was trading 0.36 points lower at 35,980.32 points.
- India will release manufacturing output and industrial output data at 1200 GMT.
We prefer to take long position on USD/INR only above 70.57, stop loss at 70.15 and target of 71.06.
