FxWirePro: Indian rupee depreciates against US dollar; stay bullish above 67.05
USD/INR is currently trading around 67.17 marks. It made intraday high at 67.21 and low at 67.08 marks. Intraday bias remains bullish till the time pair holds immediate support at 67.05 marks. Key resistances are seen at…
It made intraday high at 67.21 and low at 67.08 marks.
Intraday bias remains bullish till the time pair holds immediate support at 67.05 marks.
Key resistances are seen at 67.22, 67.32, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
On the other side, initial supports are seen at 67.05, 66.91, 66.75, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s BSE Sensex was trading 0.06% lower at 27,791.41 and NSE Nifty was down by 0.04% to 8,517.25 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
We prefer to take long position in USD/INR around 67.10, stop loss at 66.88 and target of 67.32/ 67.52 marks.
