FxWirePro: USD/INR exhibits range bound movement, upside limited
USD/INR is currently trading around 69.84 marks. It made intraday high at 69.94 and low at 69.62 marks. Intraday bias remains slightly bullish till the time pair holds key support at 69.35 mark. Key resistances are seen …
It made intraday high at 69.94 and low at 69.62 marks.
Intraday bias remains slightly bullish till the time pair holds key support at 69.35 mark.
Key resistances are seen at 69.95, 70.22, 70.57, 70.86, 71.06 and 71.48 marks respectively.
On the other side, initial supports are seen at 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.
We prefer to take short position on USD/INR around 69.90, stop loss at 70.57 and target of 69.02.
