FxWirePro: Indian rupee erases previous loss against U.S. dollar, short term trend reversal likely
USD/INR is currently trading around 64.95 marks. It made intraday high at 65.03 and low at 64.84 marks. Intraday bias remains slightly bearish till the time pair holds key resistance at 64.98 marks. Key resistances are s…
It made intraday high at 65.03 and low at 64.84 marks.
Intraday bias remains slightly bearish till the time pair holds key resistance at 64.98 marks.
Key resistances are seen at 64.98, 65.03, 65.34, 65.52 and 65.80 marks respectively.
On the other side, initial supports are seen at 64.82, 64.64, 64.53, 64.29, 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 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 1.16 percent lower at 9,850.55 points and BSE Sensex was trading at 0.91 percent lower 31,632.30 points.
We prefer to take long position in USD/INR around 64.85, stop loss at 64.74 and target of 65.35/65.52.
