- USD/INR is currently trading around 70.54 marks.
- It made intraday high at 70.66 and low at 69.63 marks.
- Intraday bias remains bullish for the moment.
- Key resistances are seen at 70.77, 71.02, 71.26 and 71.78 marks respectively.
- On the other side, initial supports are seen at 69.63, 69.16, 68.85, 68.66, 68.52 and 68.31 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.
- India’s NSE was trading 1.56 pct lower at 10,826.26 points and BSE Sensex was trading 1.48 pct lower at 36,585.55 points.
- India will release services PMI data around 0500 GMT.
We prefer to take long position on USD/INR around 70.40, stop loss 69.60 and target of 71.26.
