- 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 71.97, 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.
