FxWirePro: Indian rupee trades marginally higher against U.S. dollar, short term trend reversal likely
USD/INR is currently trading around 71.78 marks. It made intraday high at 72.01 and low at 71.66 marks. Intraday bias remains slightly bearish for the moment. Key resistances are seen at 72.03, 72.24, 72.44, 72.68 and 72…
It made intraday high at 72.01 and low at 71.66 marks.
Intraday bias remains slightly bearish for the moment.
Key resistances are seen at 72.03, 72.24, 72.44, 72.68 and 72.85 marks respectively.
On the other side, initial supports are seen at 71.47, 71.33, 71.00, 70.63, 70.47, 70.22 and 69.94 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 0.05 percent lower at 11,533.28 points while BSE Sensex was trading 0.08 points lower at 38,213.82 points.
We prefer to take long position on USD/INR only above 72.03, stop loss at 71.47 and target of 72.24/72.44.
