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FxWirePro: Indian rupee rises against U.S. dollar, stay bearish

  • USD/INR is currently trading around 70.54 marks.
     
  • It made intraday high at 70.82 and low at 70.46 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 70.80 mark.
     
  • Key resistances are seen at 70.80, 71.05, 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.
  • On the other side, initial supports are seen at 70.43, 70.22, 69.69, 69.02, 68.65 and 68.15 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • India’s NSE Nifty was trading around 0.38 percent higher at 10,726.58 points while BSE Sensex was trading 0.53 points higher at 35,701.55 points.

We prefer to take short position on USD/INR around 70.60, stop loss at 70.85 and target of 70.43/70.22.

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