FxWirePro: USD/INR trades in narrow range, downside limited
USD/INR is currently trading around 72.43 marks. It made intraday high at 72.58 and low at 72.35 marks. Intraday bias remains slightly bearish for the moment. Key resistances are seen at 72.66, 72.85, 73.02, 73.24 and 73…
It made intraday high at 72.58 and low at 72.35 marks.
Intraday bias remains slightly bearish for the moment.
Key resistances are seen at 72.66, 72.85, 73.02, 73.24 and 73.66 marks respectively.
On the other side, initial supports are seen at 72.03, 71.68, 71.47, 71.33, 71.13, 70.63, 70.47, 70.22 and 69.94 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 0.06 percent higher at 11,383.28 points while BSE Sensex was trading 0.10 points higher at 37,623.82 points.
We prefer to take long position on USD/INR around 72.40, stop loss at 72.03 and target of 73.02.
