FxWirePro: USD/INR rejects key support at 64.18 mark, short term trend reversal likely

• USD/INR is currently trading around 64.28 marks.
   
• It made intraday high at 64.29 and low at 64.18 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 64.18 marks.  
   
• Key resistances are seen at 64.42, 64.52, 64.62, 64.75, 64.92, 65.02, 65.18, 65.34, 65.52 and 65.80 marks respectively.
   
• On the other side, initial supports are seen at 64.18, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.19 percent lower at 9,629.05 points and BSE Sensex was trading at 0.13 percent lower at 31,172.52 points.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India will release forex reserve and bank loan growth data at 1130 GMT.

We prefer to take long position in USD/INR around 64.25, stop loss at 64.18 and target of 64.38/64.42.