FxWirePro: Indian rupee trades lower against US dollar, good to buy on dips
USD/INR is currently trading around 67.32. It made intraday high at 67.37 and low at 67.01 marks. Intraday bias remains bullish for the moment. Current upward movement from 66.90 will take the parity higher towards key r…
It made intraday high at 67.37 and low at 67.01 marks.
Intraday bias remains bullish for the moment.
Current upward movement from 66.90 will take the parity higher towards key resistances at 67.40, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high).
Alternatively, a sustained close below 66.90 will tests key supports at 66.82, 66.56, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95, 65.81 marks respectively.
On the other side, India’s BSE Sensex was trading 0.17% higher at 26,697.40 while NSE Nifty up by 0.02% to 8,157.40 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
We prefer to take long position in USD/INR around 67.22, stop loss 66.90 and target 67.62/ 67.77 marks.
