FxWirePro: USD/INR exhibits range bound movement, bias remains neutral
USD/INR is currently trading around 68.12 marks. It made intraday high at 68.14 and low at 68.06 marks. Intraday bias remains neutral till the time pair holds key support at 67.99 marks. Key resistances are seen at 68.27…
It made intraday high at 68.14 and low at 68.06 marks.
Intraday bias remains neutral till the time pair holds key support at 67.99 marks.
Key resistances are seen at 68.27, 68.34, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
On the other side, initial supports are seen at 67.99, 67.85, 67.67, 67.50, 67.32, 67.26, 67.19, 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s NSE Nifty was trading around 0.57 percent higher at 8,439.70 points and BSE Sensex was trading at 0.47 percent higher at 27,244 points.
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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
