FxWirePro: USD/INR rejects key support at 67.26, good to buy on dips
USD/INR is currently trading around 67.36. It made intraday high at 67.40 and low at 67.28 marks. Intraday bias remains bullish till the time pair holds key support at 67.26 marks. In addition, a daily close above 67.78 …
It made intraday high at 67.40 and low at 67.28 marks.
Intraday bias remains bullish till the time pair holds key support at 67.26 marks.
In addition, a daily close above 67.78 will take the parity up towards key resistances at 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high).
Alternatively, reversal from key resistance will tests key supports at 67.35, 67.26, 66.82, 66.56, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95, 65.81 marks respectively.
On the other side, Indian stock markets are trading on a higher note. As BSE Sensex was trading 0.58% higher at 26,030.40 while NSE Nifty up by 0.55% to 7,978.80 points.
Important to note here that 20D, 30D and 55D EMA heads up and confirm the bullish trend.
We prefer to take long position in USD/INR only above 67.36, stop loss 67.26 and target 67.81/ 68.05 levels.
