FxWirePro: USD/INR hovers around 69.70 mark, sustained close above requires for upside rally
USD/INR is currently trading around 69.62 marks. It made intraday high at 69.70 and low at 69.53 marks. Intraday bias remains neutral till the time pair holds immediate resistance at 69.75 mark. Key resistances are seen …
It made intraday high at 69.70 and low at 69.53 marks.
Intraday bias remains neutral till the time pair holds immediate resistance at 69.75 mark.
Key resistances are seen at 69.75, 69.87, 70.20, 70.51, 70.68 and 70.85 marks respectively.
On the other side, initial supports are seen at 69.22, 68.92, 68.49, 67.88 and 67.67 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 0.65 pct lower at 11,422.55 points and BSE Sensex was trading 0.66 pct lower at 38,025.79 points.
We prefer to take long position on USD/INR only above 69.70, stop loss 69.40 and target of 70.20.
