- USD/INR is currently trading around 68.24 marks.
- It made intraday high at 68.49 and low at 68.22 marks.
- Intraday bias remains bearish for the moment.
- Key resistances are seen at 68.50, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
- On the other side, initial supports are seen at 68.15, 67.99, 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 0.08 percent lower at 8,217.90 points and BSE Sensex was trading at 0.15 percent higher at 26,691.77 points.
- 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 will release manufacturing PMI data at 0600 GMT.
We prefer to take long position in USD/INR around 68.18, stop loss 67.99 and target of 68.50/68.63.
