FxWirePro: USD/INR Hits Fresh 2-Month High at 67.71, Intraday Bias Remains Bullish

FxWirePro: USD/INR Hits Fresh 2-Month High at 67.71, Intraday Bias Remains Bullish

24 May 2016, 07:39
Roberto Jacobs
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FxWirePro: USD/INR Hits Fresh 2-Month High at 67.71, Intraday Bias Remains Bullish

  • USD/INR is currently trading around 67.64. 
  • It made intraday high at 67.71 and low at 67.46 marks. 
  • Intraday bias remains bullish till the time pair holds key support at 67.26 marks.  
  • In addition, a daily close above 67.76 will take the parity up towards key resistances at 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high). 
  • Alternatively, reversal from key resistance will tests key supports at 67.26, 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. 
  • On the other side, Indian stock markets are trading on a flat note. As BSE Sensex was trading 0.04% lower at 25,219.94 while NSE Nifty up by 0.14% to 7,742.80 points. 
  • Important to note here that, 20D, 30D and 55D EMA heads up and confirm the bullish trend.

We prefer to take long position in USD/INR around 67.55, stop loss 67.26 and target 67.81/ 68.05 levels.

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