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FxWirePro: USD/INR remains well supported above 68.00 mark, good to buy on dips

Wednesday, January 25, 2017 5:43 AM UTC

USD/INR is currently trading around 68.17 marks.
It made intraday high at 68.21 and low at 68.13 marks.
Intraday bias remains neutral till the time pair holds key resistance at 68.21 marks.
Key resistances are seen at 68.21, 68.34, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
On the other side, initial supports are seen at 67.99, 67.85, 67.67, 67.50, 67.32, 67.26, 67.19, 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 0.52 percent higher at 8,520.70 points and BSE Sensex was trading at 0.46 percent higher at 27,502 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 long position on USD/INR around 68.00, stop loss 67.84 and target of 68.56.

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FxWirePro: USD/INR remains well supported above 68.00 mark, good to buy on dips

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