FxWirePro: USD/INR hits fresh 2-month low at 64.55 mark, good to sell on rallies
USD/INR is currently trading around 64.60 marks. It made intraday high at 64.80 and low at 64.55 marks. Intraday bias remains bearish till the time pair holds key resistance at 64.92 marks. Key resistances are seen at 64…
It made intraday high at 64.80 and low at 64.55 marks.
Intraday bias remains bearish till the time pair holds key resistance at 64.92 marks.
Key resistances are seen at 64.92, 65.02, 65.20, 65.32, 65.48, 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 64.53, 64.29 and 64.05 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 0.93 percent higher at 10,432.70 points and BSE Sensex was trading at 1.05 percent higher 33,563.44 points.
India Oct Nikkei Markit manufacturing PMI decrease to 50.3 (forecast 51.5) vs previous 51.2.
We prefer to take short position in USD/INR around 64.65, stop loss at 64.92 and target of 64.29.
