FxWirePro: USD/INR trades flat 70.80 mark, India’s manufacturing production data in focus
USD/INR is currently trading around 70.80 marks. It made intraday high at 70.82 and low at 70.60 marks. Intraday bias remains neutral till the time pair holds key resistance at 71.11 mark. Key resistances are seen at 71.…
It made intraday high at 70.82 and low at 70.60 marks.
Intraday bias remains neutral till the time pair holds key resistance at 71.11 mark.
Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
On the other side, initial supports are seen at 70.57, 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 1.03 pct higher at 11,351.80 and BSE was trading 1.18 pct higher at 38,334.92 points.
India will release manufacturing production as well as industrial production data around 1200 GMT.
We prefer to take long position on USD/INR around 70.78, stop loss 70.55 and target of 71.11/71.46.
