FxWirePro: Indian rupee opens marginally lower at 66.75, bias remains bearish
USD/INR is currently trading around 66.72 marks. It made intraday high at 66.77 and low at 66.64 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 67.05 marks. Key resistances are seen…
It made intraday high at 66.77 and low at 66.64 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 67.05 marks.
Key resistances are seen at 66.98, 67.05, 67.34, 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 66.62, 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 0.62 percent lower at 27,911.18 and NSE Nifty down by 0.94 percent at 8,595.70 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 around 66.75, stop loss at 66.98 and target of 66.42.
