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…
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.
