FxWirePro: Indian rupee marginally higher against U.S. dollar, bias remains neutral
USD/INR is currently trading around 67.72 marks. It made intraday high at 67.85 and low at 67.71 marks. Intraday bias remains neutral till the time pair holds key resistance at 67.90 mark. Key resistances are seen at 67.…
It made intraday high at 67.85 and low at 67.71 marks.
Intraday bias remains neutral till the time pair holds key resistance at 67.90 mark.
Key resistances are seen at 67.83, 67.90, 68.15, 68.26, 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 67.68, 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 0.26 percent lower at 8,117.90 points and BSE Sensex was trading at 0.38 percent lower at 26,403.71 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position in USD/INR around 67.72, stop loss at 67.84 and target of 67.50.
