FxWirePro: USD/INR hits fresh 5-week low at 66.89 mark, WPI inflation in focus
USD/INR is currently trading around 66.90 marks. It made intraday high at 67.21 and low at 66.89 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 67.22 marks. Key resistances are seen…
It made intraday high at 67.21 and low at 66.89 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 67.22 marks.
Key resistances are seen at 67.22, 67.32, 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 66.88, 66.75, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s BSE Sensex was trading 0.13% lower at 27,780.41 and NSE Nifty was down by 0.14% to 8,507.25 points.
India is going to release WPI inflation as well as WPI manufacturing inflation data at 0600 GMT.
We prefer to take short position in USD/INR below 66.87, stop loss at 67.22 and target of 66.64/ 66.42 marks.
