FxWirePro: USD/INR remains well supported below key resistance at 67.32, downside limited

• USD/INR is currently trading around 67.12.
   
• It made intraday high at 67.28 and low at 67.12 marks..
   
• Today India released Nikkei Markit Manufacturing PMI data to 50.7 m/m vs 50.5 m/m previous release.
   
• Intraday bias remains neutral till the time pair holds key support at 67.01 marks.
   
• A daily close above 67.32 is required to take the parity higher towards 68.00 marks.     
   
• On the other side, a sustained close below 66.90 will tests key supports at 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.
   
• Key resistances are seen at 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 0.61% higher at 26,830.40 while NSE Nifty up by 0.63% to 8,211.40 points.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.

We prefer to take long position in USD/INR around 67.10, stop loss 66.90 and target 67.32/ 67.62 marks.