- USD/INR is currently trading around 70.70 marks.
- It made intraday high at 70.73 and low at 70.53 marks.
- Intraday bias remains neutral till the time pair holds key support at 70.32 mark.
- Key resistances are seen at 71.02, 71.11, 71.34, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.47, 70.32, 70.10, 69.76 and 69.48 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 Nifty was trading 0.18 pct higher at 11,939.20 points and BSE Sensex was trading 0.26 pct higher at 40,356.24 points.
We prefer to take long position on USD/INR only above 70.92, stop loss 70.50 and target of 71.34/71.80.
