FxWirePro: USD/INR hovers around key resistance at 66.87, India’s WPI inflation data in focus
USD/INR is currently trading around 66.82 marks. It made intraday high at 66.87 and low at 66.72 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 66.87 marks. Key resistances are seen…
It made intraday high at 66.87 and low at 66.72 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 66.87 marks.
Key resistances are seen at 66.87, 66.96, 67.05, 67.16, 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 66.71, 66.58, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.24, 66.10, 65.95 and 65.81 marks respectively.
In addition, India’s NSE Nifty was trading around 0.15 percent higher at 8,586.85 points and BSE Sensex was trading at 0.17 percent higher at 27,690.19 points.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
India will release WPI fuel, WPI food and WPI inflation data at 0630 GMT.
We prefer to take long position in USD/INR only above 66.87, stop loss at 66.58 and target of 67.16.
