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FxWirePro: USD/INR exhibits range bound movement, bias remains bearish

  • USD/INR is currently trading around 65.47 marks.
     
  • It made intraday high at 65.58 and low at 65.40 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 65.72 marks.
     
  • Key resistances are seen at 65.72, 65.85, 65.98, 66.20, 66.46, 66.68 and 66.79 marks respectively.
     
  • On the other side, initial supports are seen at 65.40, 65.26, 65.12, 64.82, 64.64, 64.53 and 64.29 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • India’s NSE Nifty was trading around 0.17 percent higher at 10,005.55 points and BSE Sensex was trading at 0.30 percent higher 31,940.10 points.

We prefer to take short position in USD/INR around 65.48, stop loss at 65.72 and target of 65.20/65.08.

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