FxWirePro: Indian rupee appreciates sharply against U.S. dollar, India’s manufacturing PMI data in focus
USD/INR is currently trading around 68.24 marks. It made intraday high at 68.49 and low at 68.22 marks. Intraday bias remains bearish for the moment. Key resistances are seen at 68.50, 68.63, 68.72, 68.85 and 69.52(Augus…
It made intraday high at 68.49 and low at 68.22 marks.
Intraday bias remains bearish for the moment.
Key resistances are seen at 68.50, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
On the other side, initial supports are seen at 68.15, 67.99, 67.72, 67.59, 67.22, 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s NSE Nifty was trading around 0.08 percent lower at 8,217.90 points and BSE Sensex was trading at 0.15 percent higher at 26,691.77 points.
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 will release manufacturing PMI data at 0600 GMT.
We prefer to take long position in USD/INR around 68.18, stop loss 67.99 and target of 68.50/68.63.
