FxWirePro: Indian rupee opens marginally higher at 67.18 per dollar, bias remains bearish below 67.05
USD/INR is currently trading around 67.11 marks. It made intraday high at 67.19 and low at 67.09 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 67.24 marks. Key resistances are seen…
It made intraday high at 67.19 and low at 67.09 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 67.24 marks.
Key resistances are seen at 67.24, 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 67.05, 66.82, 66.62, 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 0.10 percent lower at 27,957.18 and NSE Nifty was trading around 0.15 percent lower at 8,617.65 points.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend.
We prefer to take short position in USD/INR only below 67.05, stop loss at 67.32 and target of 66.82.
