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FxWirePro: USD/INR trades in narrow range, further sideways movement likely

  • USD/INR is currently trading around 71.10 marks.
     
  • It made intraday high at 71.18 and low at 71.07 marks.
     
  • Intraday bias remains neutral for the moment.
     
  • Key resistances are seen at 71.18, 71.32, 71.71, 72.02, 72.32 and 72.47 marks respectively.
     
  • On the other side, initial supports are seen at 70.96, 70.87, 70.70, 70.49, 70.23, 69.82, 69.60 and 69.35 marks respectively.
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • India’s NSE Nifty was trading around 0.21 percent lower at 10,767.58 points while BSE Sensex was trading 0.21 points lower at 35,822.87 points.

We prefer to take short position on USD/INR only below 70.87, stop loss at 71.20 and target of 70.49.

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