FxWirePro: Indian Rupee Hits Fresh 2-Week Low Against US Dollar, Good to Buy on Dips

FxWirePro: Indian Rupee Hits Fresh 2-Week Low Against US Dollar, Good to Buy on Dips

25 April 2016, 07:13
Roberto Jacobs
0
18

FxWirePro: Indian Rupee Hits Fresh 2-Week Low Against US Dollar, Good to Buy on Dips

  • USD/INR is currently trading at 66.70 marks. 
  • It made intraday high at 66.71 and low at 66.65 levels. 
  • Intraday bias remains bullish till the time pair holds key support at 66.47 marks. 
  • A daily close below 66.47 will take the parity down around key supports at 66.32/66.10/65.95 levels respectively. 
  • On the top side, key resistance levels are seen at 66.86/66.95/ 67.15 levels. 
  • In addition, Indian stock markets are trading on a lower note. As BSE Sensex was trading 0.06% lower at 25,821 while NSE Nifty fell 0.31% to 7874 points. 
  • Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend. Current upward trend is short term correction only.

We prefer to take long position in USD/INR only above 66.72, stop loss 66.47 and target 66.86 levels.


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



Share it with friends: