FxWirePro: Indian rupee appreciates against U.S. dollar ahead of WPI inflation data

• USD/INR is currently trading around 64.07 marks.
   
• It made intraday high at 64.18 and low at 64.07 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 64.18 marks.
   
• Key resistances are seen at 64.18, 64.25, 64.36, 64.48, 64.60, 64.82, 64.98, 65.09, 65.18, 65.34, 65.52 and 65.80 marks respectively.
   
• On the other side, initial supports are seen at 63.96, 63.87, 63.70, 63.62, 63.48, 63.36 and 63.11 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.18 percent higher at 10,097.55 points and BSE Sensex was trading at 0.36 percent higher at 32,301.91 points.
   
• India will release WPI inflation data at 0630 GMT.

We prefer to take short position in USD/INR around 64.10, stop loss at 64.25 and target of 63.87/63.75.

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