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FxWirePro: Indian rupee trades marginally lower against U.S. dollar, faces strong resistance at 64.45 mark

  • USD/INR is currently trading around 64.40 marks.
     
  • It made intraday high at 64.41 and low at 64.36 marks.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 64.45 marks.
     
  • Key resistances are seen at 64.45, 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 64.32, 64.25, 64.18, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.02 percent lower at 9,964.10 points and BSE Sensex was trading at 0.05 percent lower at 32,245.60 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.

We prefer to take long position in USD/INR only above 64.45, stop loss at 64.32 and target of 64.75/64.82.

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