FxWirePro: Indian rupee depreciates against U.S. dollar, hits lowest level since March 8
USD/INR is currently trading around 69.90 marks. It made intraday high at 70.04 and low at 69.46 marks. Intraday bias remains bullish till the time pair holds key support at 69.38 mark. Key resistances are seen at 70.04,…
It made intraday high at 70.04 and low at 69.46 marks.
Intraday bias remains bullish till the time pair holds key support at 69.38 mark.
Key resistances are seen at 70.04, 70.20, 70.51, 70.68 and 70.85 marks respectively.
On the other side, initial supports are seen at 69.38, 69.22, 68.92, 68.49, 67.88 and 67.67 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 0.80 percent lower at 11,660.58 points while BSE Sensex was trading 0.68 points lower at 38,875.87 points.
We prefer to take long position on USD/INR only above 70.04, stop loss 69.40 and target of 70.51/70.68.
