FxWirePro: Indian rupee erases earlier loss against U.S. dollar, faces strong support at 67.99
USD/INR is currently trading around 68.28 marks. It made intraday high at 68.63 and low at 68.15 marks. Intraday bias remains slightly bearish till the time pair holds immediate resistance at 68.77 marks. Key resistances…
It made intraday high at 68.63 and low at 68.15 marks.
Intraday bias remains slightly bearish till the time pair holds immediate resistance at 68.77 marks.
Key resistances are seen at 68.85 and 69.52(August, 2013 high) marks respectively.
On the other side, initial supports are seen at 68.08, 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 0.74 percent higher at 8,025.10 points and BSE Sensex was trading at 0.39 percent higher at 25,962.08 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.
We prefer to take short position in USD/INR around 68.30, stop loss 68.77 and target of 67.99/67.82.
