FxWirePro: Indian rupee erases previous loss against U.S. dollar, bias turns bearish again
USD/INR is currently trading around 66.30 marks. It made intraday high at 66.48 and low at 66.23 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 66.72 marks. Key resistances are seen…
It made intraday high at 66.48 and low at 66.23 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 66.72 marks.
Key resistances are seen at 66.72, 66.87, 66.96, 67.05, 67.16, 67.28, 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 66.28, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s NSE Nifty was trading around 1.59 percent higher at 8,566.10 points and BSE Sensex was trading at 1.41percent higher at 27,631.46 points.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/INR around 66.35, stop loss 66.52 and target of 66.10/65.95.
