FxWirePro: Indian Rupee Hits Fresh Monthly Low Against US Dollar, Intraday Bias Remains Bullish

FxWirePro: Indian Rupee Hits Fresh Monthly Low Against US Dollar, Intraday Bias Remains Bullish

18 May 2016, 08:42
Roberto Jacobs
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FxWirePro: Indian Rupee Hits Fresh Monthly Low Against US Dollar, Intraday Bias Remains Bullish

  • USD/INR is currently trading around 66.91. 
  • It made intraday high at 66.96 and low at 66.82 marks. 
  • Intraday bias remains neutral till the time pair holds key resistance at 66.91 marks.  
  • A daily close below 66.72 will take the parity down around key supports at 66.56, 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 66.95 and 67.17 (December 14, 2015 high) levels respectively. 
  • In addition, Indian stock markets are trading on a negative note. As BSE Sensex was trading 0.66% lower at 25,602.94 while NSE Nifty down by 0.76% to 7,814 points.

We prefer to take long position in USD/INR only above 66.95, stop loss 66.72 and target 67.18 levels.

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