FxWirePro: USD/INR opens lower at 66.78, RBI policy decision in focus
USD/INR is currently trading around 66.87. It made intraday high at 66.94 and low at 66.78 marks. Intraday bias remains neutral for the moment. A sustained close below 66.77 will tests key supports at 66.56, 66.42(May 01…
It made intraday high at 66.94 and low at 66.78 marks.
Intraday bias remains neutral for the moment.
A sustained close below 66.77 will tests key supports at 66.56, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
Alternatively, current upside trend will take the parity higher towards 68.00 marks.
Key resistances are seen at 67.04, 67.37, 67.51, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high) respectively.
On the other side, India’s BSE Sensex was trading 0.34% higher at 26,870.99 and NSE Nifty was up by 0.33% to 8,228 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
RBI is going to declare its policy rate decision at 0530 GMT.
We prefer to take long position in USD/INR only above 67.04, stop loss 66.67 and target 67.45/ 67.78 marks.
