FxWirePro: USD/INR hits fresh 4-week low at 67.30 mark, faces strong support at 67.22 mark

• USD/INR is currently trading around 67.36 marks.
   
• It made intraday high at 67.38 and low at 67.30 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 67.30 mark.
   
• Key resistances are seen at 67.62, 67.91, 68.15, 68.26, 68.49, 68.63, 68.72, 68.85 and 69.52(August, 2013 high) marks respectively.
   
• On the other side, initial supports are seen at 67.22, 66.82, 66.68, 66.50, 66.28, 66.10, 65.95 and 65.81 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 1.19 percent higher at 8,199.25 points and BSE Sensex was trading at 0.98 percent higher at 26,494.27 points.
   
• 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.
   
• Yesterday RBI declared monetary policy.
   
• India’s repo rate stays flat at 6.25 % (forecast 6.00 %) vs previous 6.25 %.
   
• India’s reverse repo rate stays flat at 5.75 % (forecast 5.50 %) vs previous 5.75 %.
   
• India’s cash reserve ratio stays flat at 4.00 % (forecast 4.00 %) vs previous 4.00 %.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.