- USD/INR is currently trading around 71.54 marks.
- It made intraday high at 71.68 and low at 71.52 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.92 mark.
- Key resistances are seen at 71.92, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 71.40, 71.02, 70.72, 70.47 and 70.10 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 0.06 pct higher at 10,956.65 points while BSE sensex was trading 0.09 points higher at 37,021.93 points.
We prefer to take short position on USD/INR around 71.55, stop loss 71.92 and target of 71.40/71.26/71.02.