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FxWirePro: Indian rupee erases previous loss against U.S. dollar, short term trend reversal likely

  • USD/INR is currently trading around 71.30 marks.
     
  • It made intraday high at 71.53 and low at 71.23 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 71.58 mark.
     
  • Key resistances are seen at 71.58, 71.77 and 72.23 marks respectively.
  • On the other side, initial supports are seen at 71.02, 70.72, 70.47, 70.10, 69.63, 69.16, 68.85, 68.66, 68.52 and 68.31 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • India’s NSE Nifty was trading 0.46 pct lower at 10,983.95 points while BSE sensex was trading 0.37 points lower at 37,161.78 points.

We prefer to take short position on USD/INR around 71.30, stop loss 71.55 and target of 71.02/70.90/70.70.

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July 2 15:00 UTC Released

DKCurrency Reserves

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449.6 Stale

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451.7 Stale

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USISM NY Biz Conditions

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50 %

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48.6 %

January 31 00:00 UTC 853929853929m

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January 22 19:00 UTC 865749865749m

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-1541 %

January 31 00:00 UTC 853929853929m

ARAnnual Primary Balance*

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2016 bln ARS

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January 22 19:00 UTC 865749865749m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 853929853929m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 853929853929m

ARAnnual Primary Balance*

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2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 853929853929m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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