FxWirePro: USD/INR faces strong resistance at 66.84, a break above targets 67.17
USD/INR is currently trading around 66.75. It made intraday high at 66.78 and low at 66.71 marks. Intraday bias remains neutral till the time pair holds key resistance at 66.84 marks. A daily close below 66.54 will take …
It made intraday high at 66.78 and low at 66.71 marks.
Intraday bias remains neutral till the time pair holds key resistance at 66.84 marks.
A daily close below 66.54 will take the parity down around key supports at 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, key resistance levels are seen at 66.84 (55D EMA)/ 66.95/ 67.17 (December 14, 2015 high) levels respectively.
In addition, Indian stock markets are trading on a negative note. As BSE Sensex was trading 0.84% lower at 25,573 while NSE Nifty down by 0.87% to 7,831 points.
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.
