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FxWirePro: USD/INR moves in stiff boundaries, stay neutral

  • USD/INR is currently trading around 75.53 marks.
     
  • It made intraday high at 75.90 and low at 75.43 marks.
     
  • Intraday bias remains neutral till the time pair holds key support at 75.40 mark.
     
  • Key resistances are seen at 75.98, 76.24, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.
  • On the other side, initial supports are seen at 75.40, 75.20, 74.90, 74.50, 73.74, 73.58, 73.00 and 72.58 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 2.75 pct higher at 9,034.55 points and BSE Sensex was trading 2.71 pct higher at 30,866.24 points.

We prefer to take short position on USD/INR only below 75.40, stop loss at 75.98 and target of 74.90/74.50.

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