- USD/INR is currently trading around 71.30 marks.
- It made intraday high at 71.53 and low at 71.23 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.58 mark.
- Key resistances are seen at 71.58, 71.77 and 72.23 marks respectively.
- On the other side, initial supports are seen at 71.02, 70.72, 70.47, 70.10, 69.63, 69.16, 68.85, 68.66, 68.52 and 68.31 marks respectively.
- 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’s NSE Nifty was trading 0.46 pct lower at 10,983.95 points while BSE sensex was trading 0.37 points lower at 37,161.78 points.
We prefer to take short position on USD/INR around 71.30, stop loss 71.55 and target of 71.02/70.90/70.70.