FxWirePro: USD/INR trades in narrow range, upside limited
Wednesday, May 10, 2017 6:25 AM UTC
- USD/INR is currently trading around 64.70 marks.
- It made intraday high at 64.71 and low at 64.63 marks.
- Intraday bias remains neutral till the time pair holds key resistance at 64.70 marks.
- Key resistances are seen at 64.70, 64.82, 64.92, 65.08, 65.15, 65.34, 65.48, 65.64, 65.80, 66.00, 66.32, 66.48, 66.57, 66.80, 67.01, 67.17, 67.31 and 67.45 marks respectively.
- On the other side, initial supports are seen at 64.52, 64.35, 64.17, 63.94, 63.65, 63.47 and 63.36 marks respectively.
- In addition, India’s NSE Nifty was trading around 0.78 percent higher at 9,389.55 points and BSE Sensex was trading at 0.86 percent higher at 30,190.18 points.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to go long on USD/INR only above 64.74, stop loss 64.37 and target of 65.20.