FxWirePro: Indian rupee falls against U.S. dollar despite higher than expected service PMI data
USD/INR is currently trading around 67.35 marks. It made intraday high at 67.34 and low at 67.21 marks. Intraday bias remains slightly bullish till the time pair holds key support at 67.12 marks. Key resistances are seen…
It made intraday high at 67.34 and low at 67.21 marks.
Intraday bias remains slightly bullish till the time pair holds key support at 67.12 marks.
Key resistances are seen at 67.45, 67.66, 67.87, 67.99, 68.15, 68.32, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
On the other side, initial supports are seen at 67.12, 66.95, 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 0.10 percent lower at 8,726.70 points and BSE Sensex was trading at 0.08 percent higher at 28,259 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’s January Nikkei markit services PMI increase to 48.7 vs previous 46.8.
We prefer to take short position on USD/INR around 67.40, stop loss at 67.65 and target of 67.12/66.82.
