FxWirePro: USD/INR touches 68.00 mark, highest level since June, 2016
USD/INR is currently trading around 67.84 marks. It made intraday high at 68.00 and low at 67.81 marks. Intraday bias remains bearish till the time pair holds immediate resistance at 68.07 marks. Key resistances are seen…
It made intraday high at 68.00 and low at 67.81 marks.
Intraday bias remains bearish till the time pair holds immediate resistance at 68.07 marks.
Key resistances are seen at 68.07, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
On the other side, initial supports are seen at 67.70, 67.47, 67.22, 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 0.42 percent higher at 8,145.10 points and BSE Sensex was trading at 0.03 percent higher at 26,306.56 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 long position in USD/INR around 67.72, stop loss 67.48 and target of 68.08/68.46.
