FxWirePro: USD/INR opens almost flat at 66.84, faces strong resistance at 67.05
USD/INR is currently trading around 66.91 marks. It made intraday high at 66.93 and low at 66.77 marks. Intraday bias remains bullish till the time pair holds immediate support at 66.62 marks. Key resistances are seen at…
It made intraday high at 66.93 and low at 66.77 marks.
Intraday bias remains bullish till the time pair holds immediate support at 66.62 marks.
Key resistances are seen at 66.98, 67.05, 67.34, 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 66.62, 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 0.11 percent lower at 28,033.18 and NSE Nifty almost flat at 8,651.90 points.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
We prefer to take long position in USD/INR only above 66.98, stop loss at 66.62 and target of 67.34/67.52.
