FxWirePro: Indian rupee trades marginally lower against U.S. dollar ahead of services PMI data
USD/INR is currently trading around 69.47 marks. It made intraday high at 69.56 and low at 69.19 marks. Intraday bias remains bullish till the time pair holds immediate support at 69.10 mark. Key resistances are seen at …
It made intraday high at 69.56 and low at 69.19 marks.
Intraday bias remains bullish till the time pair holds immediate support at 69.10 mark.
Key resistances are seen at 69.87, 70.20, 70.51, 70.68 and 70.85 marks respectively.
On the other side, initial supports are seen at 69.22, 68.92, 68.49, 67.88 and 67.67 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
India will release services PMI data around 0500 GMT.
We prefer to take short position on USD/INR around 69.70, stop loss 69.90 and target of 68.92.
