- USD/INR is currently trading around 71.10 marks.
- It made intraday high at 71.31 and low at 71.10 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 71.32 mark.
- Key resistances are seen at 71.32, 71.63, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 71.02, 70.90, 70.68, 70.47, 70.32, 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 2.02 pct higher at 11,943.85 points and BSE sensex 1.94 pct higher at 40,662.43 points.
We prefer to take short position on USD/INR around 71.15, stop loss at 71.35 and target of 70.90/70.68/70.47.