- USD/INR is currently trading around 70.77 marks.
- It made intraday high at 71.30 and low at 70.53 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.30 mark.
- Key resistances are seen at 71.30, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.47, 70.10 and 69.48 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 2.20 pct higher at 10,938.55 points while BSE sensex was trading 2.30 points higher at 36,960.93 points.
- India will release current account data around 1200 GMT.
We prefer to take short position on USD/INR only below 70.80, stop loss 71.32 and target of 70.47/70.10.