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FxWirePro: Indian rupee rises gradually against U.S. dollar, bias remains slightly bearish

  • USD/INR is currently trading around 70.80 marks.
     
  • It made intraday high at 70.96 and low at 70.76 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 71.02 mark.
     
  • Key resistances are seen at 71.02, 71.11, 71.34, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
  • On the other side, initial supports are seen at 70.47, 70.10, 69.76 and 69.48 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take short position on USD/INR around 70.82, stop loss 71.11 and target of 70.47.

By Aarti Panchal
  • Market Data
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