- USD/INR is currently trading around 71.27 marks.
- It made intraday high at 71.28 and low at 70.97 marks.
- Intraday bias remains slightly bullish for the moment.
- Key resistances are seen at 71.27, 71.48 and 71.86 marks respectively.
- On the other side, initial supports are seen at 70.97, 70.60, 70.23, 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- India’s NSE Nifty was trading around 0.32 percent higher at 10,925.58 points while BSE Sensex was trading 0.40 points higher at 36,465.11 points.
We prefer to take long position on USD/INR around 71.20, stop loss at 70.97 and target of 71.48.