FxWirePro: Indian rupee recovers from fresh 3 –month low against U.S. dollar, downside limited
USD/INR is currently trading around 67.84 marks. It made intraday high at 68.12 and low at 67.79 marks. Intraday bias remains bullish till the time pair holds key support at 67.62 marks. Key resistances are seen at 68.02…
It made intraday high at 68.12 and low at 67.79 marks.
Intraday bias remains bullish till the time pair holds key support at 67.62 marks.
Key resistances are seen at 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 67.62, 67.37, 67.17, 66.91, 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 0.14% higher at 26,429.40 and NSE Nifty was down by 0.11% to 8,080.10 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
We prefer to take long position in USD/INR only above 67.96 with stop loss at 67.62 and target of 68.22/ 68.78 marks.
