FxWirePro: USD/INR back above 71.00 mark, India’s CPI data in focus
USD/INR is currently trading around 71.17 marks. It made intraday high at 71.28 and low at 71.04 marks. Intraday bias remains neutral till the time pair holds key resistance at 71.28 mark. Key resistances are seen at 71.…
It made intraday high at 71.28 and low at 71.04 marks.
Intraday bias remains neutral till the time pair holds key resistance at 71.28 mark.
Key resistances are seen at 71.28, 71.78 and 72.23 marks respectively.
On the other side, initial supports are seen at 70.90, 70.47, 70.10, 69.63, 69.16, 68.85, 68.66, 68.52 and 68.31 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 0.04 pct lower at 11,109.55 point while BSE sensex was trading 0.04 pct lower at 37,568.51 points.
India will release CPI data around 1200 GMT.
We prefer to take long position on USD/INR only above 71.28, stop loss 70.90 and target of 71.78.
