FxWirePro: USD/INR hits fresh 3-month high at 70.66 mark, India’s services PMI data in focus
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 respec…
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.
