- USD/INR is currently trading around 71.17 marks.
- It made intraday high at 71.29 and low at 71.14 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.49 mark.
- Key resistances are seen at 71.49, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 71.10, 70.90, 70.68, 70.47, 70.32, 70.10, 69.76 and 69.48 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 1.03 pct higher at 12,155.85 points and BSE sensex 0.99 pct higher at 41,386.43 points.
We prefer to take short position on USD/INR around 71.20, stop loss at 71.32 and target of 71.10/70.90/70.68.
