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- USD/INR is currently trading around 66.54 marks.
- It made intraday high at 66.61 and low at 66.50 marks.
- Intraday bias remains bearish till the time pair holds immediate resistance at 66.90 marks.
- Key resistances are seen at 66.90, 67.05, 67.16, 67.28, 67.52, 67.71, 67.84, 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 66.50, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.21, 66.10, 65.95 and 65.81 marks respectively.
- In addition, India’s NSE Nifty was trading around 0.89 percent higher at 8,688.56 points and BSE Sensex was trading at 0.95 percent higher at 28,130.38 points.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/INR only below 66.50, stop loss at 66.90 and target of 66.32/66.24.
