FxWirePro: Indian rupee marginally higher against U.S. dollar ahead of India’s union budget
USD/INR is currently trading around 68.08 marks. It made intraday high at 68.14 and low at 68.06 marks. Intraday bias remains neutral till the time pair holds key support at 67.99 marks. Key resistances are seen at 68.32…
It made intraday high at 68.14 and low at 68.06 marks.
Intraday bias remains neutral till the time pair holds key support at 67.99 marks.
Key resistances are seen at 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 67.99, 67.85, 67.67, 67.50, 67.32, 67.26, 67.19, 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 0.15 percent lower at 8,628.70 points and BSE Sensex was trading at 0.04 percent lower at 27,872 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
India will release Union Budget for the year is on February 1, 2017.
We prefer to take short position on USD/INR around 68.10, stop loss at 68.26 and target of 67.99/67.85.
