FxWirePro: USD/INR rejects key resistance at 67.35, good to sell on rallies

• USD/INR is currently trading around 67.21 marks.
   
• It made intraday high at 67.33 and low at 67.19 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 67.35 marks.
   
• Current downside trend will tests key supports at 66.91, 66.75, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
   
• Alternatively, reversal from key support will take the parity higher towards 68.00 marks.    
   
• Key resistances are seen at 67.35, 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 0.39% higher at 26,481.99 and NSE Nifty was up by 0.32% to 8,134.10 points.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend. Current downside movement is short term trend correction only.

We prefer to take short position in USD/INR around 67.25 with stop loss at 67.45 and target of 66.91 marks.