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FxWirePro: Indian rupee marginally higher against U.S. dollar, short term trend reversal likely

  • USD/INR is currently trading around 68.15 marks.
     
  • It made intraday high at 68.24 and low at 68.09 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 68.21 marks.
     
  • Key resistances are seen at 68.32, 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 67.99, 67.85, 67.67, 67.50, 67.32, 67.26, 67.19, 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 0.24 percent higher at 8,401.70 points and BSE Sensex was trading at 0.12 percent higher at 27,171 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.

We prefer to take short position in USD/INR around 68.20, stop loss 68.40 and target of 67.99/67.87.

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