FxWirePro: India rupee falls against U.S. dollar after lower than expected services PMI data
Monday, December 5, 2016 8:45 AM UTC
- USD/INR is currently trading around 68.10 marks.
- It made intraday high at 68.13 and low at 67.96 marks.
- Intraday bias remains bullish till the time pair holds key support at 67.91 mark.
- Key resistances are seen at 68.26, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
- On the other side, initial supports are seen at 67.91, 67.72, 67.59, 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 0.51 percent higher at 8,128.90 points and BSE Sensex was trading at 0.19 percent higher at 26,281.57 points.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- India November Nikkei markit services PMI decreases to 46.7 vs previous 54.5.
We prefer to take long position in USD/INR around 68.05, stop loss 67.91 and target of 68.26/68.50/68.63.