FxWirePro: Indian rupee trades marginally higher ahead of CPI, industrial production data
USD/INR is currently trading around 71.18 marks. It made intraday high at 71.27 and low at 71.07 marks. Intraday bias remains bearish till the time pair holds key resistance at 71.49 mark. Key resistances are seen at 71.…
It made intraday high at 71.27 and low at 71.07 marks.
Intraday bias remains bearish till the time pair holds key resistance at 71.49 mark.
Key resistances are seen at 71.49, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.
On the other side, initial supports are seen at 71.10, 70.90, 70.68, 70.47, 70.32, 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 0.75 pct higher at 12,198.85 points and BSE sensex 0.85 pct higher at 41,567.43 points.
India will release CPI, industrial production as well as manufacturing production data around 1200 GMT.
We prefer to take long position on USD/INR only above 71.32, stop loss at 71.00 and target of 71.49/71.90.
