FxWirePro: Indian rupee reverses previous loss against U.S. dollar, bias turns slightly bearish
USD/INR is currently trading around 75.42 marks. It made intraday high at 76.31 and low at 75.16 marks. Intraday bias remains bearish for the moment. Key resistances are seen at 76.40, 77.41, 77.78, 78.12, 78.26, 78.62 a…
It made intraday high at 76.31 and low at 75.16 marks.
Intraday bias remains bearish for the moment.
Key resistances are seen at 76.40, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.
On the other side, initial supports are seen at 74.95, 74.50, 73.74, 73.58, 73.00 and 72.58 marks respectively.
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.
India’s NSE was trading 4.37 pct higher at 8,681.75 points and BSE Sensex was trading 4.70 pct higher at 29,873.88 points.
We prefer to take short position on USD/INR only around 75.50, stop loss at 76.00 and target of 74.95/73.74.
