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FxWirePro: Indian rupee falls gradually against U.S. dollar, faces key resistance at 69.10 mark

  • USD/INR is currently trading around 68.95 marks.
     
  • It made intraday high at 68.98 and low at 68.88 marks.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 68.72 mark.
     
  • Key resistances are seen at 69.10, 69.38 and 69.85 marks respectively.
  • On the other side, initial supports are seen at 68.72, 68.52, 68.31, 68.12, 67.88, 67.47, 67.26 and 66.60 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 was trading 0.17 pct higher at 11,365.55 points and BSE Sensex was trading 0.18 pct higher at 38,098.55 points.

We prefer to take long position on USD/INR only above 68.99, stop loss 68.72 and target of 69.10/69.38/69.57.

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