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- USD/INR is currently trading around 67.16 marks.
- It made intraday high at 67.18 and low at 67.09 marks.
- Intraday bias remains bullish till the time pair holds key support at 66.91 marks.
- A sustained break below 66.91 will tests key supports at 66.75, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
- Alternatively, current upside trend will take the parity higher towards 68.00 marks.
- Key resistances are seen at 67.37, 67.51, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high) respectively.
- On the other side, India’s BSE Sensex was trading 0.08% lower at 26,372.99 and NSE Nifty was down by 0.27% to 8,088.10 points.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
- Yesterday India released CPI data with positive numbers at 5.76% m/m vs 5.39% previous release.
We prefer to take long position in USD/INR around 67.10 with stop loss at 66.91 and target of 67.45.
