FxWirePro: Indian rupee strengthens against U.S. dollar, hits highest level since Sept 04
USD/INR is currently trading around 71.16 marks. It made intraday high at 71.35 and low at 71.06 marks. Intraday bias remains bearish till the time pair holds key resistance at 72.00 mark. Key resistances are seen at 72.…
It made intraday high at 71.35 and low at 71.06 marks.
Intraday bias remains bearish till the time pair holds key resistance at 72.00 mark.
Key resistances are seen at 72.02, 72.24, 72.50, 72.86, 73.02, 73.45, 74.04, 74.28, 74.57, 74.77 and 74.95 marks respectively.
On the other side, initial supports are seen at 71.13, 70.80, 70.68 and 70.22 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 0.28 percent lower at 10,733.22 points while BSE Sensex was trading 0.20 points lower at 35,700.55 points.
We prefer to take short position on USD/INR around 71.20, stop loss at 71.50 and target of 70.68 mark.
