FxWirePro: Indian rupee rises despite lower than expected Nikkei Markit manufacturing PMI data
USD/INR is currently trading around 67.17 marks. It made intraday high at 67.46 and low at 67.13 marks. Intraday bias remains bearish till the time pair holds key resistance at 67.55 mark. Key resistances are seen at 67.…
It made intraday high at 67.46 and low at 67.13 marks.
Intraday bias remains bearish till the time pair holds key resistance at 67.55 mark.
Key resistances are seen at 67.55, 67.97, 68.10, 68.50, 68.68, 68.83 and 68.98 marks respectively.
On the other side, initial supports are seen at 67.02, 66.80, 66.68, 66.42, 66.30 and 66.16 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 Nifty was trading around 0.14 percent higher at 10,751.80 points while BSE Sensex was trading 0.22 points higher at 35,400.88 points.
India May Nikkei markit manufacturing PMI decrease to 51.2 (forecast 51.5 ) vs previous 51.6.
We prefer to take short position in USD/INR around 67.20, stop loss at 67.55 and target of 66.80.
