FxWirePro: Indian rupee strengthens against US dollar, downside limited
USD/INR is currently trading around 67.23. It made intraday high at 67.29 and low at 67.1575 marks.. Intraday bias remains neutral for the moment. A sustained close below 66.90 will tests key supports at 66.82, 66.56, 66…
It made intraday high at 67.29 and low at 67.1575 marks..
Intraday bias remains neutral for the moment.
A sustained close below 66.90 will tests key supports at 66.82, 66.56, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95, 65.81 marks respectively.
Alternatively, a daily close above 67.45 is required to take the parity higher towards 68.00 marks.
Key resistances are seen at 67.51, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high) respectively.
On the other side, India’s BSE Sensex was trading 0.52% higher at 26,983.40 while NSE Nifty up by 0.37% to 8,249.40 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current downside movement is short term trend correction only.
We prefer to take long position in USD/INR around 67.02, stop loss 66.74 and target 67.45/ 67.78 marks.
