FxWirePro: USD/INR Fails to Sustain Above 66.90, Intraday Bias Remains Bearish

FxWirePro: USD/INR Fails to Sustain Above 66.90, Intraday Bias Remains Bearish

16 May 2016, 08:15
Roberto Jacobs
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FxWirePro: USD/INR Fails to Sustain Above 66.90, Intraday Bias Remains Bearish

  • USD/INR is currently trading around 66.83.
  • It made intraday high at 66.91 and low at 66.81 marks. 
  • Intraday bias remains bearish till the time pair holds key resistance at 66.95 marks.  
  • A daily close below 66.84 will take the parity down around key supports at 66.54, 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 negative note. As BSE Sensex was trading 0.04% lower at 25,481 while NSE Nifty down by 0.17% to 7,801 points.

We prefer to take short position in USD/INR below 66.80, stop loss 66.95 and target 66.42 marks.

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