FxWirePro: Indian rupee rises gradually against U.S. dollar, stay bearish

• USD/INR is currently trading around 65.14 marks.
   
• It made intraday high at 65.26 and low at 65.09 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 65.36 mark.
   
• Key resistances are seen at 65.36, 65.48, 65.65 and 65.82 marks respectively.
   
• On the other side, initial supports are seen at 65.20, 64.98, 64.82, 64.68, 64.50, 64.22, 64.02, 63.87, 63.68, 63.47, 63.22 and 63.17 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 0.31 percent higher at 10,187.70 points and BSE Sensex was trading at 0.25 percent higher at 33,220.74 points.

We prefer to take short position in USD/INR around 65.18, stop loss at 65.36 and target of 64.98/64.82.

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