FxWirePro: Indian Rupee Strengthens Against US Dollar, Good to Sell on Rallies

FxWirePro: Indian Rupee Strengthens Against US Dollar, Good to Sell on Rallies

12 May 2016, 08:42
Roberto Jacobs
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FxWirePro: Indian Rupee Strengthens Against US Dollar, Good to Sell on Rallies

  • USD/INR is currently trading around 66.57. 
  • It made intraday high at 66.62 and low at 66.54 marks.
  • Intraday bias remains bearish till the time pair holds key resistance at 66.72 marks.  
  • A daily close below 66.56 will take the parity down around key supports at 66.42(May 01, 2016 low) /66.32 (November 2015 low) /66.23/66.10/65.95/65.81 marks respectively. 
  • On the other side, key resistance levels are seen at 66.84 (55D EMA)/ 66.95/ 67.17 (December 14, 2015 high) levels respectively. 
  • In addition, Indian stock markets are trading on a positive note. As BSE Sensex was trading 0.52% higher at 25,721 while NSE Nifty up by 0.54% to 7,890 points.

We prefer to take short position in USD/INR only below 66.52, stop loss 66.74 and target 66.32 levels.

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