• FxWirePro: Indian Rupee rises against U.S. Dollar ahead of manufacturing output, industrial output data

    Source: FxWire Pro - Technicals / 12 Feb 2019 01:06:36   America/New_York

    • USD/INR is currently trading around 70.89 marks.
       
    • It made intraday high at 71.21 and low at 70.89 marks.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 71.22 mark.
       
    • Key resistances are seen at 71.22, 71.37, 71.75, 72.02, 72.32 and 72.47 marks respectively.
       
    • On the other side, initial supports are seen at 70.97, 70.72, 70.45 and 70.23 marks respectively.
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
       
    • India’s NSE Nifty was trading around 0.18 percent lower at 10,869.58 points while BSE Sensex was trading 0.21 points lower at 36,321.55 points.

    We prefer to take short position on USD/INR around 70.95, stop loss at 71.22 and target of 70.45.

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