FxWirePro: Indian rupee falls as manufacturing PMI data fails to meet expectations
USD/INR is currently trading around 64.77 marks. It made intraday high at 64.80 and low at 64.64 marks. Intraday bias remains bullish till the time pair holds key support at 64.62 marks. Key resistances are seen at 64.82…
It made intraday high at 64.80 and low at 64.64 marks.
Intraday bias remains bullish till the time pair holds key support at 64.62 marks.
Key resistances are seen at 64.82, 64.94, 65.02, 65.18, 65.34, 65.52 and 65.80 marks respectively.
On the other side, initial supports are seen at 64.62, 64.55, 64.40, 64.32, 64.27, 64.18, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
In addition, India’s NSE Nifty was trading around 0.91 percent higher at 9,607.50 points and BSE Sensex was trading at 0.99 percent higher at 31,227.64 points.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
India June Nikkei Markit manufacturing PMI decrease to 50.9 vs previous 51.6.
We prefer to take long position in USD/INR around 64.75, stop loss at 64.62 and target of 64.94/65.02.
