FxWirePro: Indian rupee opens marginally higher at 66.88 against US dollar, faces key support at 66.64
USD/INR is currently trading around 66.85 marks. It made intraday high at 66.88 and low at 66.84 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 67.22 marks. Key resistances are seen…
It made intraday high at 66.88 and low at 66.84 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 67.22 marks.
Key resistances are seen at 67.22, 67.32, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
On the other side, initial supports are seen at 66.88, 66.75, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s BSE Sensex was trading 0.09% higher at 27,966.41 and NSE Nifty up by 0.28% to 8,589.25 points.
Important to note here that, 20D, 30D and 55D EMA heads up and confirm the bullish trend. Current downside movement is short term trend correction only.
We prefer to take short position in USD/INR only below 66.84, stop loss at 67.22 and target of 66.64/ 66.42 marks.
