- Pair is currently trading at 68.77 levels.
- It made intraday high at 68.78 and low at 68.64 levels.
- Pair is likely to fall further as 20, 30 and 55D EMA heads upside.
- Key resistance falls at 68.84 levels. A daily close above will take the parity towards 69.22 marks.
- Alternatively, reversal from this level will drag the USD/INR around 68.00 levels.
- In addition, NSE Nifty was trading 0.40% higher at 6995 levels and BSE Sensex was trading 0.51% higher at 23069 levels.
- Key events for the parity will be US GDP data due today and Indian fiscal budget due on February 29, 2016.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
The material has been provided by InstaForex Company – www.instaforex.com