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FxWirePro: Indian rupee trades almost flat ahead WPI inflation data

  • USD/INR is currently trading around 68.46 marks.
     
  • It made intraday high at 68.52 and low at 68.36 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 68.31 mark.
     
  • Key resistances are seen at 68.55, 68.80, 69.10, 69.38 and 69.85 marks respectively.
  • On the other side, initial supports are seen at 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. 
     
  • India’s NSE was trading 0.06 pct lower at 11,545.55 points and BSE Sensex was trading 0.08 pct higher at 38,757.44 points.
     
  • India will release WPI inflation data around 0630 GMT.

We prefer to take short position on USD/INR only below 68.31, stop loss 68.55 and target of 67.88.

  • Market Data
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