FxWirePro: USD/INR hits fresh 2-week low at 64.98 mark, India’s forex reserves data in focus

• USD/INR is currently trading around 65.02 marks.
   
• It made intraday high at 65.13 and low at 64.98 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 65.20 marks.
   
• Key resistances are seen at 65.20, 65.35, 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 64.87, 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 0.48 percent higher at 10,145.55 points and BSE Sensex was trading at 0.55 percent higher 32,360.73 points.
   
• India will release forex reserves and bank loan growth data at 1130 GMT.

We prefer to take short position in USD/INR around 65.05, stop loss at 65.20 and target of 64.87/64.72.

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