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- USD/INR is currently trading around 70.27 marks.
- It made intraday high at 70.34 and low at 69.87 marks.
- Intraday bias remains slightly bullish for the moment.
- Key resistances are seen at 70.57, 70.86, 71.06 and 71.48 marks respectively.
- On the other side, initial supports are seen at 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 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’s NSE Nifty was trading around 0.50 percent higher at 10,854.58 points while BSE Sensex was trading 0.61 points higher at 36,198.32 points.
We prefer to take short position on USD/INR around 70.50, stop loss at 70.86 and target of 69.62.
