FxWirePro: Indian rupee trades marginally higher against U.S. dollar, faces strong resistance at 68.43 mark
USD/INR is currently trading around 68.21 marks. It made intraday high at 68.33 and low at 68.16 marks. Intraday bias remains slightly bearish till the time pair holds key resistance at 68.43 mark. Key resistances are se…
It made intraday high at 68.33 and low at 68.16 marks.
Intraday bias remains slightly bearish till the time pair holds key resistance at 68.43 mark.
Key resistances are seen at 68.43, 68.68, 68.83 and 68.98 marks respectively.
On the other side, initial supports are seen at 68.14, 67.98, 67.77, 67.58, 67.18, 67.02, 66.80, 66.68, 66.42, 66.30 and 66.16 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 0.45 percent higher at 10,559.80 points while BSE Sensex was trading 0.43 points higher at 34,820.88 points.
We prefer to take long position in USD/INR around 68.10, stop loss at 67.98 and target of 68.43/68.58.
