FxWirePro: USD/INR faces high volatility on India’s election results

• USD/INR is currently trading around 64.10 marks.
   
• It made intraday high at 64.67 and low at 63.91 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 63.90 mark.
   
• Key resistances are seen at 64.27, 64.48, 64.67, 64.78, 64.87, 64.95, 65.12 and 65.28 marks respectively.
   
• On the other side, initial supports are seen at 63.90, 63.68 and 63.45 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 0.74 percent higher at 10,411.95 points and BSE Sensex was trading at 0.60 percent higher 33,646.65 points.

We prefer to take long position in USD/INR around 64.08, stop loss at 63.90 and target of 64.48.

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