FxWirePro: Indian rupee falls against U.S. dollar in early hours of trade; stay bullish
USD/INR is currently trading around 66.74 marks. It made intraday high at 66.75 and low at 66.62 marks. Intraday bias remains bullish till the time pair holds immediate support at 66.42 marks. Key resistances are seen at…
It made intraday high at 66.75 and low at 66.62 marks.
Intraday bias remains bullish till the time pair holds immediate support at 66.42 marks.
Key resistances are seen at 66.75, 66.90, 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 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.24, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s NSE Nifty was trading around 0.10 percent lower at 8,701.56 points and BSE Sensex was trading at 0.06 percent higher at 28,123.38 points.
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.
We prefer to take short position in USD/INR around 66.80, stop loss at 67.05 and target of 66.32/66.24.
