FxWirePro: USD/INR stabilizes below 68.50 mark, short term trend reversal likely
USD/INR is currently trading around 68.43 marks. It made intraday high at 68.47 and low at 68.34 marks. Intraday bias remains neutral till the time pair holds key support at 68.34 mark. Key resistances are seen at 68.70,…
It made intraday high at 68.47 and low at 68.34 marks.
Intraday bias remains neutral till the time pair holds key support at 68.34 mark.
Key resistances are seen at 68.70, 68.82, 68.94, 69.05, 69.18, 69.52 and 69.88 marks respectively.
On the other side, initial supports are seen at 68.34, 68.15, 67.97, 67.79 and 67.59 marks respectively.
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.
India’s NSE Nifty was trading around 0.26 percent higher at 11,480.22 points while BSE Sensex was trading 0.38 points higher at 38,030.82 points.
We prefer to take short position on USD/INR only below 68.34, stop loss at 68.70 and target of 68.15.
