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FxWirePro: Indian rupee depreciates against U.S. dollar, hits lowest level since March 8

  • USD/INR is currently trading around 69.90 marks.
     
  • It made intraday high at 70.04 and low at 69.46 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 69.38 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 69.38, 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 0.80 percent lower at 11,660.58 points while BSE Sensex was trading 0.68 points lower at 38,875.87 points.

We prefer to take long position on USD/INR only above 70.04, stop loss 69.40 and target of 70.51/70.68.

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