FxWirePro: USD/INR stabilizes above 69.00 mark, short term trend reversal likely
USD/INR is currently trading around 69.23 marks. It made intraday high at 69.24 and low at 68.92 marks. Intraday bias remains bullish till the time pair holds key support at 68.49 mark. Key resistances are seen at 69.52,…
It made intraday high at 69.24 and low at 68.92 marks.
Intraday bias remains bullish till the time pair holds key support at 68.49 mark.
Key resistances are seen at 69.52, 69.70, 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
On the other side, initial supports are seen at 68.92, 68.49, 67.88 and 67.67 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 0.46 percent higher at 11,651.58 points while BSE Sensex was trading 0.42 points higher at 38,846.87 points.
India repo rate decrease to 6 % (forecast 6 %) vs previous 6.25 %.
India reverse repo rate decrease to 5.75 % (forecast 5.75 %) vs previous 6 %.
We prefer to take long position on USD/INR around 69.20, stop loss 68.90 and target of 69.98.
