FxWirePro: USD/INR remains well supported above 70.63 mark, short term trend reversal likely
USD/INR is currently trading around 70.70 marks. It made intraday high at 70.85 and low at 70.63 marks. Intraday bias remains neutral for the moment. Key resistances are seen at 70.90, 71.05, 71.40, 72.02, 72.24, 72.50 a…
It made intraday high at 70.85 and low at 70.63 marks.
Intraday bias remains neutral for the moment.
Key resistances are seen at 70.90, 71.05, 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.
On the other side, initial supports are seen at 70.63, 70.43, 70.22, 69.69, 69.02, 68.65 and 68.15 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
India’s NSE Nifty was trading around 0.05 percent higher at 10,633.58 points while BSE Sensex was trading 0.12 points higher at 35,397.55 points.
We prefer to take short position on USD/INR only below 70.63, stop loss at 70.90 and target of 70.43.
