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FxWirePro: Indian rupee rises gradually against U.S. dollar, faces strong support at 64.27 mark

  • USD/INR is currently trading around 64.37 marks.
     
  • It made intraday high at 64.40 and low at 64.33 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 64.82 marks.  
     
  • Key resistances are seen at 64.82, 64.92, 65.02, 65.18, 65.34, 65.52 and 65.80 marks respectively.
     
  • On the other side, initial supports are seen at 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 0.43 percent higher at 9,627.45 points and BSE Sensex was trading at 0.50 percent higher at 31,210.66 points.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/INR around 64.38, stop loss at 64.75 and target of 64.27/64.18.

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