- USD/INR is currently trading around 70.90 marks.
- It made intraday high at 71.02 and low at 70.81 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.50 mark.
- Key resistances are seen at 71.02, 71.49, 71.92, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.72, 70.47 and 70.10 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 0.13 pct lower at 10,967.05 points while BSE sensex was trading 0.09 points lower at 37,071.93 points.
- India will release forex reserves, bank loan growth as well as deposit growth data around 1130 GMT.
We prefer to take short position on USD/INR around 70.90, stop loss 71.10 and target of 70.47.