- USD/INR is currently trading around 71.17 marks.
- It made intraday high at 71.28 and low at 71.04 marks.
- Intraday bias remains neutral till the time pair holds key resistance at 71.28 mark.
- Key resistances are seen at 71.28, 71.78 and 72.23 marks respectively.
- On the other side, initial supports are seen at 70.90, 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 was trading 0.04 pct lower at 11,109.55 point while BSE sensex was trading 0.04 pct lower at 37,568.51 points.
- India will release CPI data around 1200 GMT.
We prefer to take long position on USD/INR only above 71.28, stop loss 70.90 and target of 71.78.
