FxWirePro: Indian rupee strengthens against U.S. dollar, stay bearish
USD/INR is currently trading around 71.70 marks. It made intraday high at 71.92 and low at 71.61 marks. Intraday bias remains bearish till the time pair holds key resistance at 71.97 mark. Key resistances are seen at 71.…
It made intraday high at 71.92 and low at 71.61 marks.
Intraday bias remains bearish till the time pair holds key resistance at 71.97 mark.
Key resistances are seen at 71.97, 72.17, 72.42, 72.68 and 72.89 marks respectively.
On the other side, initial supports are seen at 71.57, 71.40, 71.02, 70.72, 70.47 and 70.10 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 0.25 pct higher at 10,875.65 points while BSE sensex was trading 0.30 points higher at 36,754.93 points.
Later today India will release forex reserve data around 1130 GMT.
We prefer to take short position on USD/INR around 71.70, stop loss 71.92 and target of 71.40.
