FXWIREPRO: Indian Rupee Falls Ahead of CPI Data, Intraday Bias Remains Neutral

FXWIREPRO: Indian Rupee Falls Ahead of CPI Data, Intraday Bias Remains Neutral

12 April 2016, 06:57
Roberto Jacobs
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FXWIREPRO: Indian Rupee Falls Ahead of CPI Data, Intraday Bias Remains Neutral

  • USD/INR is currently trading at 66.43 marks. 
  • It made intraday high at 66.44 and low at 66.30 levels. 
  • Intraday bias remains neutral for the moment. 
  • A daily close below 66.48 will drag the parity down towards 66.32, 65.02 and 65.96 levels thereafter.   
  • Alternatively, reversal from 66.30 will take the parity up around key resistances at 66.54/66.86/67.18 levels respectively. 
  • Later today, India will release CPI data. Market anticipates CPI to fall to 5.00% m/m vs 5.18% m/m previous release. On the other side, industrial production data likely to rise around 1.0% m/m vs -1.5% previous release.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

The material has been provided by InstaForex Company - www.instaforex.com



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