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FxWirePro: USD/INR remains well supported above 70.63 mark, short term trend reversal likely

  • USD/INR is currently trading around 70.70 marks.
     
  • It made intraday high at 70.85 and low at 70.63 marks.
     
  • Intraday bias remains neutral for the moment.
     
  • Key resistances are seen at 70.90, 71.05, 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.
  • On the other side, initial supports are seen at 70.63, 70.43, 70.22, 69.69, 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 0.05 percent higher at 10,633.58 points while BSE Sensex was trading 0.12 points higher at 35,397.55 points.

We prefer to take short position on USD/INR only below 70.63, stop loss at 70.90 and target of 70.43.

  • Market Data
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