FxWirePro: Indian rupee strengthens against U.S. dollar, stay bullish only above 66.60 mark
USD/INR is currently trading around 66.35 marks. It made intraday high at 66.60 and low at 66.34 marks. Intraday bias remains bearish till the time pair holds key resistance at 66.60 mark. Key resistances are seen at 66.…
It made intraday high at 66.60 and low at 66.34 marks.
Intraday bias remains bearish till the time pair holds key resistance at 66.60 mark.
Key resistances are seen at 66.60, 67.20 and 67.48 marks respectively.
On the other side, initial supports are seen at 66.16, 65.98, 65.75, 65.54, 65.38, 65.12, 64.87, 64.70, 64.60 and 64.42 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 0.15 percent higher at 10,594.80 points while BSE Sensex was trading 0.34 points higher at 34,568.95 points.
We prefer to take short position in USD/INR only below 66.20, stop loss at 66.60 and target of 65.75.
