FxWirePro: Indian rupee hits fresh 3 –week high against US dollar, intraday bias remains bearish

• USD/INR is currently trading around 66.93.
   
• It made intraday high at 66.97 and low at 66.77 marks.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close below 66.90 will tests key supports at 66.82, 66.56, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95, 65.81 marks respectively.
   
• Alternatively, a daily close above 67.37 is required to take the parity higher towards 68.00 marks.    
   
• Key resistances are seen at 67.51, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high) respectively.
   
• On the other side, India’s BSE Sensex was trading 0.18% higher at 26,892.40 while NSE Nifty up by 0.07% to 8,225.40 points.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current downside movement is short term trend correction only.

We prefer to take long position in USD/INR only above 67.11, stop loss 66.67 and target 67.45/ 67.78 marks.