FxWirePro: USD/INR breaks key support at 67.37, downside limited
USD/INR is currently trading around 67.3275. It made intraday high at 67.43 and low at 67.26 marks. Intraday bias remains neutral till the time pair holds key resistance at 67.55 marks. In addition, a daily close above 6…
It made intraday high at 67.43 and low at 67.26 marks.
Intraday bias remains neutral till the time pair holds key resistance at 67.55 marks.
In addition, a daily close above 67.37 will take the parity up towards key resistances at 67.42(20D EMA), 67.55 (May 19, 2016 high), 67.76 and 68.35 (March 1, 2016 high).
Alternatively, current down fall from 67.55 will tests key supports at 67.12, 66.82, 66.56, 66.42(May 01, 2016 low) /66.32 (November 2015 low) /66.23/66.10/65.95/65.81 marks respectively.
On the other side, Indian stock markets are trading on a positive note. As BSE Sensex was trading 0.13% higher at 25,333.94 while NSE Nifty up by 0.27% to 7,770.80 points.
Important to note here that, 20D, 30D and 55D EMA heads up and confirm the bullish trend. Current down side movement will be short term trend correction only.
We prefer to take long position in USD/INR only above 67.36, stop loss 67.12 and target 67.81 levels.
