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 64.92, 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.

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