- USD/INR is currently trading around 70.87 marks.
- It made intraday high at 70.96 and low at 70.83 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.22 mark.
- Key resistances are seen at 71.22, 71.52, 71.70, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.74, 70.47, 70.32, 70.10, 69.76 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. Current downside movement is short term trend correction only.
- India’s NSE was trading 0.03 pct lower at 11,934.40 points and BSE sensex points 0.02 pct lower at 40,480.66 points.
We prefer to take short position on USD/INR around 71.90, stop loss at 71.22 and target of 70.74/70.47 mark.