FxWirePro: Indian rupee depreciates against US dollar; stay bullish above 67.05
Wednesday, July 13, 2016 8:17 AM UTC
- USD/INR is currently trading around 67.17 marks.
- It made intraday high at 67.21 and low at 67.08 marks.
- Intraday bias remains bullish till the time pair holds immediate support at 67.05 marks.
- Key resistances are seen at 67.22, 67.32, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
- On the other side, initial supports are seen at 67.05, 66.91, 66.75, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
- In addition, India’s BSE Sensex was trading 0.06% lower at 27,791.41 and NSE Nifty was down by 0.04% to 8,517.25 points.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend.
We prefer to take long position in USD/INR around 67.10, stop loss at 66.88 and target of 67.32/ 67.52 marks.