- USD/INR is currently trading around 69.80 marks.
- It made intraday high at 69.85 and low at 69.67 marks.
- Intraday bias remains neutral till the time pair holds immediate resistance at 69.85 mark.
- Key resistances are seen at 70.04, 70.20, 70.51, 70.68 and 70.85 marks respectively.
- On the other side, initial supports are seen at 69.52, 69.38, 69.22, 68.92, 68.49, 67.88 and 67.67 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 0.33 percent higher at 11,632.58 points while BSE Sensex was trading 0.38 points higher at 38,778.87 points.
We prefer to take long position on USD/INR only above 69.85, stop loss 69.52 and target of 70.51/70.68.