• FxWirePro: Indian Rupee appreciates ahead of wpi inflation data

    Source: FxWire Pro - Technicals / 14 Feb 2018 02:41:20   Eastern Standard Time

    • USD/INR is currently trading around 64.16 marks.
    • It made intraday high at 64.28 and low at 64.11 marks.
    • Intraday bias remains bearish till the time pair holds key resistance at 64.28 mark.
    • Key resistances are seen at 64.28, 64.48, 64.62, 64.85 and 65.12 marks respectively.
    • On the other side, initial supports are seen at 64.10, 63.98, 63.87 and 63.70 marks respectively.
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
    • India’s NSE Nifty was trading around 0.16 percent higher at 10,556.70 points and BSE Sensex was trading at 0.05 percent higher at 34,301.64 points.
    • India will release WPI inflation data at 0630 GMT.

    We prefer to take short position in USD/INR around 64.20, stop loss at 64.32 and target of 63.98.

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