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FxWirePro: Indian rupee trades marginally higher against U.S. dollar, sustained close below 69.33 targets 68.92 mark

  • USD/INR is currently trading around 69.25 marks.
     
  • It made intraday high at 69.38 and low at 69.24 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 69.50 mark.
     
  • Key resistances are seen at 69.50, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.
  • On the other side, initial supports are seen at 69.22, 68.92, 68.49, 67.88 and 67.67 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • India’s NSE was trading 0.33 pct higher at 11,886.55 points and BSE Sensex was trading 0.36 pct higher at 39,729.79 points.

We prefer to take short position on USD/INR around 69.30, stop loss 69.50 and target of 69.02/68.92.

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