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- USD/INR is currently trading around 70.52 marks.
- It made intraday high at 70.54 and low at 70.24 marks.
- Intraday bias remains slightly bullish till the time pair holds key support at 70.10 mark.
- Key resistances are seen at 70.82, 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.10, 69.76 and 69.48 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 0.86 pct lower at 11,413.55 points while BSE sensex was trading 0.90 points lower at 38,475.77 points.
- India will release economic data around 1200 GMT.
We prefer to take long position on USD/INR around 70.45, stop loss 70.10 and target of 71.11.
