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FxWirePro: Indian rupee erases previous gain against U.S. dollar, stay bullish

  • USD/INR is currently trading around 72.34 marks.
     
  • It made intraday high at 72.42 and low at 72.12 marks.
     
  • Intraday bias remains neutral bullish till the time pair holds key support at 72.12 mark.
     
  • Key resistances are seen at 72.42, 72.68, 72.85, 73.02, 73.24 and 73.66 marks respectively.
  • On the other side, initial supports are seen at 72.12, 71.50, 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.
     
  • India’s NSE Nifty was trading around 0.63 percent lower at 11,072.28 points while BSE Sensex was trading 0.58 points lower at 36,627.61 points.

We prefer to take long position on USD/INR around 72.25, stop loss at 72.00 and target of 72.68.

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