FxWirePro: USD/INR Opens Higher at 66.62, India's Service PMI Data in Focus

FxWirePro: USD/INR Opens Higher at 66.62, India's Service PMI Data in Focus

4 May 2016, 07:16
Roberto Jacobs
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FxWirePro: USD/INR Opens Higher at 66.62, India's Service PMI Data in Focus

  • USD/INR opened at 66.62 marks vs 66.52 previous close.
  • Intraday bias remains bearish till the time pair holds key resistance at 66.75 marks.   
  • A daily close below 66.48 will take the parity down around key supports at 66.32/66.23/66.10/65.95/65.81 marks respectively.
  • On the other side, key resistance levels are seen at 66.75/ 66.86/ 66.95/ 67.15 levels. 
  • Today India will release Nikkei markit services PMI data at 0500 GMT. 
  • In addition, Indian stock markets are trading on a lower note. As BSE Sensex was trading 0.27% lower at 25,161 while NSE Nifty fell by 0.32% to 7,722 points.

We prefer to take short position in USD/INR at 66.60, stop loss 66.75 and target 66.24 marks.

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