FxWirePro: USD/INR stabilizes below 71.00 mark, good to sell on rallies
USD/INR is currently trading around 70.87 marks. It made intraday high at 70.96 and low at 70.83 marks. Intraday bias remains bearish till the time pair holds key resistance at 71.22 mark. Key resistances are seen at 71.…
It made intraday high at 70.96 and low at 70.83 marks.
Intraday bias remains bearish till the time pair holds key resistance at 71.22 mark.
Key resistances are seen at 71.22, 71.52, 71.70, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.
On the other side, initial supports are seen at 70.74, 70.47, 70.32, 70.10, 69.76 and 69.48 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 was trading 0.03 pct lower at 11,934.40 points and BSE sensex points 0.02 pct lower at 40,480.66 points.
We prefer to take short position on USD/INR around 71.90, stop loss at 71.22 and target of 70.74/70.47 mark.
