FxWirePro: Indian rupee rises gradually against U.S. dollar, good to sell on rallies
USD/INR is currently trading around 70.68 marks. It made intraday high at 70.83 and low at 70.68 marks. Intraday bias remains bearish till the time pair holds key resistance at 71.00 mark. Key resistances are seen at 71.…
It made intraday high at 70.83 and low at 70.68 marks.
Intraday bias remains bearish till the time pair holds key resistance at 71.00 mark.
Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
On the other side, initial supports are seen at 70.67, 70.47, 70.10 and 69.48 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 0.27 pct lower at 11,540.55 points while BSE sensex was trading 0.20 points lower at 38,920.77 points.
We prefer to take short position on USD/INR around 70.72, stop loss 70.90 and target of 70.47/70.10.
