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FxWirePro: USD/INR remains well supported above 70.00 mark, downside limited

  • USD/INR is currently trading around 70.13 marks.
     
  • It made intraday high at 70.21 and low at 70.05 marks.
     
  • Intraday bias remains bullish till the time pair holds immediate support at 69.85 mark.
     
  • Key resistances are seen at 70.20, 70.51, 70.68 and 70.85 marks respectively.
     
  • On the other side, initial supports are seen at 69.85, 69.52, 69.38, 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. Current upside movement is short term trend correction only.
     
  • India’s NSE Nifty was trading around 0.14 percent higher at 11,743.28 points while BSE Sensex was trading 0.05 points higher at 39,073.87 points.

We prefer to take long position on USD/INR around 70.10, stop loss 69.85 and target of 70.51/70.68.

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