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FxWirePro: Indian rupee gains against US dollar, intraday bias remains bearish

  • USD/INR is currently trading around 66.70.
     
  • It made intraday high at 66.84 and low at 66.67 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 66.91 marks. 
     
  • A daily close below 66.56 will take the parity down around key supports at 66.42(May 01, 2016 low) /66.32 (November 2015 low) /66.23/66.10/65.95/65.81 marks respectively.
     
  • On the other side, key resistance levels are seen at 66.84 (55D EMA)/ 66.95/ 67.17 (December 14, 2015 high) levels respectively.
     
  • In addition, Indian stock markets are trading on a positive note. As BSE Sensex was trading 0.57% higher at 25,798.94 while NSE Nifty up by 0.51% to 7,900 points.

We prefer to take short position in USD/INR around 66.76, stop loss 66.91 and target 66.32 levels.

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