FxWirePro: Go Long on USD/INR at 66.78 With Stop Loss at 66.50 and Target of 67.12
- USD/INR is currently trading around 66.82.
- It made intraday high at 66.88 and low at 66.74 marks.
- Intraday bias remains bullish till the time pair holds key support at 66.50 marks.
- A sustained break below 66.50 will tests key supports at 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.23, 66.10, 65.95 and 65.81 marks respectively.
- Alternatively, current upside trend will take the parity higher towards 68.00 marks.
- Key resistances are seen at 66.94, 67.04, 67.37, 67.51, 67.81, 68.05 (crossover of 20D, 30D and 55D EMA) and 68.35 (March 1, 2016 high) respectively.
- On the other side, India’s BSE Sensex was trading 0.19% lower at 26,712.99 and NSE Nifty was down by 0.11% to 8,194.10 points.
- Important to note here that 20D, 30D and 55D EMA are about to crossover in near time frame. After the complete crossover, Indian rupee will decide further directions against US dollar.
We prefer to take long position in USD/INR at 66.78, stop loss 66.50 and target 67.12/67.45 levels.