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FxWirePro: USD/INR remains well supported below 67.00 mark, good to sell on rallies

  • USD/INR is currently trading around 66.83 marks.
     
  • It made intraday high at 66.88 and low at 66.80 marks.
     
  • Intraday bias remains neutral till the time pair holds immediate resistance at 66.87 marks.
     
  • Key resistances are seen at 66.87, 66.96, 67.05, 67.16, 67.28, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
     
  • On the other side, initial supports are seen at 66.75, 66.57, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.24, 66.10, 65.95 and 65.81 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.23 percent lower at 8,689.10 points and BSE Sensex was trading at 0.31 percent lower at 28,092.46 points.
     
  • 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.

We prefer to take short position in USD/INR around 66.85, stop loss at 67.05 and target of 66.57/66.42.

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