FxWirePro: Indian rupee hits fresh weekly high against US dollar, intraday bias remains neutral
USD/INR is currently trading around 67.05. It made intraday high at 67.10 and low at 66.97 marks. Intraday bias remains neutral for the moment. A sustained close below 66.96 will tests key supports at 66.82, 66.56, 66.42…
It made intraday high at 67.10 and low at 66.97 marks.
Intraday bias remains neutral for the moment.
A sustained close below 66.96 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, reversal from key support will take the parity higher towards key resistances at 67.40, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high).
On the other side, India’s BSE Sensex was trading 0.41% higher at 26,474.40 while NSE Nifty up by 0.55% to 8,110.40 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current down side movement is short term trend correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
