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- USD/INR is currently trading around 70.80 marks.
- It made intraday high at 70.90 and low at 70.63 marks.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 70.90 mark.
- Key resistances are seen at 70.90, 71.22, 71.47, 71.68, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.64, 70.47, 70.32, 70.10, 69.76 and 69.48 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.
- India’s NSE was trading 0.56 pct higher at 12,325.25 points and BSE sensex 0.60 pct higher at 41,852.75 points.
We prefer to take long position on USD/INR only above 70.90, stop loss at 70.60 and target of 71.22/71.47 mark.
