FxWirePro: Indian rupee falls noticeably against U.S. dollar, bias remains bullish
USD/INR is currently trading around 68.60 marks. It made intraday high at 68.62 and low at 68.37 marks. Intraday bias remains bullish till the time pair holds key support at 68.37 mark. Key resistances are seen at 68.80,…
It made intraday high at 68.62 and low at 68.37 marks.
Intraday bias remains bullish till the time pair holds key support at 68.37 mark.
Key resistances are seen at 68.80, 69.10, 69.38, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.
On the other side, initial supports are seen at 68.37, 67.88 and 67.26 marks respectively.
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.
India’s NSE was trading 1.12 pct lower at 11,678.55 points and BSE Sensex was trading 1.06 pct lower at 39,097.44 points.
We prefer to take long position on USD/INR around 68.55, stop loss 68.40 and target of 69.10/69.38.
