FxWirePro: USD/INR rejects key resistance at 67.89, bias turns slightly bearish

• USD/INR is currently trading around 67.67 marks.
   
• It made intraday high at 67.71 and low at 67.59 marks.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 67.89 marks.
   
• Key resistances are seen at 67.89, 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 67.47, 67.22, 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.38 percent higher at 8,139.10 points and BSE Sensex was trading at 1.78 percent higher at 26,508.56 points.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position in USD/INR around 67.68, stop loss 67.89 and target of 67.47/67.22.