FxWirePro: USD/INR hits fresh 4-month high at 67.50 mark, bias remains neutral
USD/INR is currently trading around 66.98 marks. It made intraday high at 67.50 and low at 66.95 marks. Intraday bias remains neutral till the time pair holds immediate support at 66.82 marks. Key resistances are seen at…
It made intraday high at 67.50 and low at 66.95 marks.
Intraday bias remains neutral till the time pair holds immediate support at 66.82 marks.
Key resistances are seen at 67.28, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
On the other side, initial supports are seen at 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s NSE Nifty was trading around 1.49 percent lower at 8,398.10 points and BSE Sensex was trading at 1.59 percent lower at 27,080.46 points.
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 long position in USD/INR only above 67.18, stop loss 66.82 and target of 67.52/67.71.
