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FxWirePro: USD/INR trades in narrow range, India’s WPI inflation data in focus

  • USD/INR is currently trading around 70.72 marks.
     
  • It made intraday high at 70.78 and low at 70.55 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 70.47 mark.
     
  • Key resistances are seen at 71.11, 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, 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 0.28 pct higher at 11,334.80 and BSE was trading 0.20 pct higher at 38,205.44 points.
     
  • India will release WPI inflation data around 0630 GMT.

We prefer to take long position on USD/INR only above 70.90, stop loss 70.47 and target of 71.46/71.80.

  • Market Data
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