FxWirePro: Indian rupee trades marginally lower against U.S. dollar, faces strong resistance at 64.98 mark

• USD/INR is currently trading around 64.82 marks.
   
• It made intraday high at 64.83 and low at 64.77 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 64.98 marks.  
   
• Key resistances are seen at 64.98, 65.09, 65.18, 65.34, 65.52 and 65.80 marks respectively.
   
• On the other side, initial supports are seen at 64.72, 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 0.20 percent higher at 9,657.50 points and BSE Sensex was trading at 0.13 percent higher at 31,285.01 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 64.98, stop loss at 64.70 and target of 65.18/65.25.

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