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FxWirePro: USD/INR hits fresh 2-week low at 71.00 mark, stay bearish

  • USD/INR is currently trading around 71.13 marks.
     
  • It made intraday high at 71.48 and low at 71.00 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 72.02 mark.
     
  • Key resistances are seen at 71.48, 71.84, 72.02, 72.47,72.86, 73.27 and 73.70 marks respectively.
     
  • On the other side, initial supports are seen at 70.89, 70.57, 70.27, 69.87, 69.66, 69.34, 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.
     
  • India’s NSE Nifty was trading around 0.45 percent lower at 10,840.58 points while BSE Sensex was trading 0.46 points lower at 36,101.55 points.

We prefer to take short position on USD/INR around 71.20, stop loss at 71.48 and target of 70.89/70.57.

  • Market Data
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