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FxWirePro: USD/INR hovers around 68.00 mark, downside limited

  • USD/INR is currently trading around 68.01 marks.
     
  • It made intraday high at 68.30 and low at 67.97 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 68.15 mark.
     
  • Key resistances are seen at 68.15, 68.50, 68.68, 68.83 and 68.98 marks respectively.
     
  • On the other side, initial supports are seen at 67.83, 67.46, 67.38, 67.02, 66.82, 66.42, 66.30 and 66.16 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 Nifty was trading around 0.10 percent lower at 10,807.80 points while BSE Sensex was trading 0.06 points lower at 35,595.88 points.

We prefer to take long position in USD/INR around 67.94, stop loss at 67.80 and target of 68.50.

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