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FxWirePro: Indian rupee falls against U.S. dollar, faces strong resistance at 66.87

  • USD/INR is currently trading around 66.83 marks.
     
  • It made intraday high at 66.85 and low at 66.68 marks.
     
  • Intraday bias remains bullish till the time pair holds immediate support at 66.61 marks.
     
  • Key resistances are seen at 66.87, 66.96, 67.05, 67.16, 67.28, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
     
  • On the other side, initial supports are seen at 66.61, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.24, 66.10, 65.95 and 65.81 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.03 percent lower at 8,580.85 points and BSE Sensex was trading at 0.14 percent higher at 27,713.19 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 take long position in USD/INR only above 66.87, stop loss at 66.61 and target of 67.05/67.16.

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