FxWirePro: USD/INR trades in narrow range, upside limited
USD/INR is currently trading around 70.34 marks. It made intraday high at 70.37 and low at 70.23 marks. Intraday bias remains neutral for the moment. Key resistances are seen at 70.48, 70.57, 70.86, 71.06 and 71.48 marks…
It made intraday high at 70.37 and low at 70.23 marks.
Intraday bias remains neutral for the moment.
Key resistances are seen at 70.48, 70.57, 70.86, 71.06 and 71.48 marks respectively.
On the other side, initial supports are seen at 70.15, 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
India’s NSE Nifty was trading around 0.37 percent lower at 10,781.58 points while BSE Sensex was trading 0.36 points lower at 35,980.32 points.
India will release manufacturing output and industrial output data at 1200 GMT.
We prefer to take long position on USD/INR only above 70.57, stop loss at 70.15 and target of 71.06.
