FxWirePro: USD/INR back below 72.00 mark, consistent close below 71.58 requires for downside rally
USD/INR is currently trading around 71.94 marks. It made intraday high at 72.09 and low at 71.90 marks. Intraday bias remains neutral for the moment. Key resistances are seen at 72.24, 72.68, 72.85, 73.02, 73.24 and 73.6…
It made intraday high at 72.09 and low at 71.90 marks.
Intraday bias remains neutral for the moment.
Key resistances are seen at 72.24, 72.68, 72.85, 73.02, 73.24 and 73.66 marks respectively.
On the other side, initial supports are seen at 71.88, 71.68, 71.47, 71.33, 71.13, 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.
We prefer to take short position on USD/INR only below 71.88, stop loss at 72.24 and target of 71.68/71.50.
