FxWirePro: Indian rupee trades marginally higher against U.S. dollar, faces key resistance at 71.11 mark
USD/INR is currently trading around 70.99 marks. It made intraday high at 71.11 and low at 70.93 marks. Intraday bias remains bearish till the time pair holds key resistance at 71.11 mark. Key resistances are seen at 71.…
It made intraday high at 71.11 and low at 70.93 marks.
Intraday bias remains bearish till the time pair holds key resistance at 71.11 mark.
Key resistances are seen at 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 70.87, 70.64, 70.57, 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 was trading 0.02 pct higher at 11,129.80 and BSE was trading 0.05 pct higher at 37,537.92 points.
We prefer to take long position on USD/INR only above 71.11, stop loss 70.90 and target of 71.46.
