Technical Analysis on USD/INR- 54.75

As you can see in attached USD/INR chart, prices are facing resistance near INR 55 level since from last few sessions.  This resistance comes from Golden Fibonacci ratio 61.8% of last move from all time high of INR 57.25 made on 22 July, 12 to low of INR 51.50 which was made on 5th Oct, 12. On the downside prices will witness immediate support from its 200 Day Simple Moving Average, which comes at INR 54.30.

USD/INR - 54.75

  USD/INR – 54.75

Prices moving gradually lower, so the momentum is also fading, it suggests some shorting opportunity.  At CMP INR 54.75 traders can take short position keeping stop loss above INR 55.10 with an initial target of INR 54.35

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