• FxWirePro: USD/INR remains well supported below 72.00 Mark, further downside movement likely

    Source: FxWire Pro - Technicals / 16 Dec 2018 23:57:52   America/New_York

    • USD/INR is currently trading around 71.67 marks.
       
    • It made intraday high at 71.86 and low at 71.62 marks.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 72.02 mark.
       
    • Key resistances are seen at 71.84, 72.02, 72.47,72.86, 73.27 and 73.70 marks respectively.
       
    • On the other side, initial supports are seen at 71.42, 71.30, 71.12, 70.57, 70.27, 69.87, 69.66, 69.34, 69.02, 68.65 and 68.15 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 0.55 percent higher at 10,865.58 points while BSE Sensex was trading 0.68 points higher at 36,195.55 points.

    We prefer to take short position on USD/INR around 71.70, stop loss at 71.90 and target of 71.30.

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