FxWirePro: USD/INR Opens Lower at 66.78, RBI Policy Decision in Focus

FxWirePro: USD/INR Opens Lower at 66.78, RBI Policy Decision in Focus

• USD/INR is currently trading around 66.87. 
• It made intraday high at 66.94 and low at 66.78 marks. 
• Intraday bias remains neutral for the moment. 
• A sustained close below 66.77 will tests key supports at 66.56, 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively. 
• Alternatively, current upside trend will take the parity higher towards 68.00 marks.     
• Key resistances are seen at 67.04, 67.37, 67.51, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high) respectively. 
• On the other side, India’s BSE Sensex was trading 0.34% higher at 26,870.99 and NSE Nifty was up by 0.33% to 8,228 points. 
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend. 
• RBI is going to declare its policy rate decision at 0530 GMT.
  

We prefer to take long position in USD/INR only above 67.04, stop loss 66.67 and target 67.45/ 67.78 marks.

The material has been provided by