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- USD/INR is currently trading around 66.76 marks.
- It made intraday high at 66.78 and low at 66.73 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 66.72, 66.57, 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 0.66 percent lower at 8,633.10 points and BSE Sensex was trading at 0.80 percent lower at 27,865.46 points.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/INR around 66.80, stop loss at 66.87 and target of 66.57/66.42.
