FxWirePro: USD/INR rejects key resistance at 65.20 mark, good to sell on rallies

• USD/INR is currently trading around 65.00 marks.
   
• It made intraday high at 65.12 and low at 65.00 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, 66.21, 66.46, 66.68 and 66.79 marks respectively.
   
• On the other side, initial supports are seen at 65.01, 64.92, 64.75, 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 0.27 percent higher at 10,214.55 points and BSE Sensex was trading at 0.30 percent higher 32,609.54 points.

We prefer to take short position in USD/INR around 65.04, stop loss at 65.20 and target of 64.75.

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