- USD/INR is currently trading around 70.82 marks.
- It made intraday high at 70.98 and low at 70.75 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.11 mark.
- Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.64, 70.57, 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 0.60 pct lower at 11,245.80 and BSE was trading 0.62 pct lower at 37,947.92 points.
We prefer to take short position on USD/INR around 70.85, stop loss 71.02 and target of 70.57/70.10.
