• FxWirePro: USD/INR hits fresh 3-week low at 73.09 Mark, further downside likely

    Source: FxWire Pro - Technicals / 22 Oct 2018 01:35:06   America/New_York

    • USD/INR is currently trading around 73.15 marks.
       
    • It made intraday high at 73.38 and low at 73.09 marks.
       
    • Intraday bias remains bearish time pair holds key resistance at 73.70 mark.
       
    • Key resistances are seen at 73.57, 73.70, 73.82, 74.28, 74.57, 74.77 and 74.95 marks respectively.
    • On the other side, initial supports are seen at 73.12, 72.89, 72.45, 72.12, 71.50, 71.33 and 71.13 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
       
    • India’s NSE Nifty was trading around 0.05 percent higher at 10,310.20 points while BSE Sensex was trading 0.13 points higher at 34,361.86 points.

    We prefer to take short position on USD/INR around 73.20, stop loss at 73.57 and target of 72.45.

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