FxWirePro: USD/INR Hovers Around Key Support at 67.35, Intraday Bias Remains Neutral

FxWirePro: USD/INR Hovers Around Key Support at 67.35, Intraday Bias Remains Neutral

20 May 2016, 07:23
Roberto Jacobs
0
22

FxWirePro: USD/INR Hovers Around Key Support at 67.35, Intraday Bias Remains Neutral

  • USD/INR is currently trading around 67.34. 
  • It made intraday high at 67.50 and low at 67.3250 marks. 
  • Intraday bias remains neutral till the time pair holds key support at 67.12 marks.  
  • A daily close above 67.35 will take the parity up towards key resistances at 67.42(20D EMA), 67.55 (May 19, 2016 high), 67.76 and 68.35 (March 1, 2016 high). 
  • Alternatively, reversal from key 67.55 will tests key supports at 67.12, 66.82, 66.56, 66.42(May 01, 2016 low) /66.32 (November 2015 low) /66.23/66.10/65.95/65.81 marks respectively. 
  • In addition, Indian stock markets are trading on a positive note. As BSE Sensex was trading 0.24% higher at 25,461.94 while NSE Nifty up by 0.11% to 7,792 points.

We prefer to take long position in USD/INR only above 67.40, stop loss 67.12 and target 67.55/ 67.81 levels.

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