- USD/INR is currently trading around 67.89 marks.
- It made intraday high at 67.95 and low at 67.84 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 68.16 marks.
- Key resistances are seen at 68.02, 68.16, 68.26, 68.32, 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 67.67, 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 0.60 percent higher at 8,448.70 points and BSE Sensex was trading at 0.38 percent higher at 27,328 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 short position in USD/INR around 67.90, stop loss 68.16 and target of 67.67.
