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FxWirePro: USD/INR fails to break key support 70.87 mark, short term trend reversal likely

  • USD/INR is currently trading around 71.06 marks.
     
  • It made intraday high at 71.11 and low at 70.87 marks.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 70.87 mark.
     
  • Key resistances are seen at 71.32, 71.71, 72.02, 72.32 and 72.47 marks respectively.
     
  • On the other side, initial supports are seen at 70.96, 70.87, 70.70, 70.49, 70.23, 69.82, 69.60 and 69.35 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • India’s NSE Nifty was trading around 0.06 percent lower at 10,730.58 points while BSE Sensex was trading 0.06 points lower at 35,736.87 points.

We prefer to take long position on USD/INR around 71.00, stop loss at 70.85 and target of 71.32.

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