FxWirePro: Indian rupee falls gradually against U.S. dollar, stay bullish
USD/INR is currently trading around 63.75 marks. It made intraday high at 63.76 and low at 63.63 marks. Intraday bias remains bullish till the time pair holds key support at 63.48 mark. Key resistances are seen at 63.87,…
It made intraday high at 63.76 and low at 63.63 marks.
Intraday bias remains bullish till the time pair holds key support at 63.48 mark.
Key resistances are seen at 63.87, 63.96, 64.05 and 64.12 marks respectively.
On the other side, initial supports are seen at 63.48, 63.38, 63.27, 63.18, 63.10, 62.84, 62.67, 62.48 and 61.96 marks respectively.
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’s NSE Nifty was trading around 0.77 percent lower at 11,045.70 points and BSE Sensex was trading at 0.57 percent lower 36,075.80 points.
We prefer to take long position in USD/INR around 63.70, stop loss at 63.62 and target of 63.96.
