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FxWirePro: USD/INR slips below 65.00 mark, good to sell on rallies

  • USD/INR is currently trading around 64.82 marks.
     
  • It made intraday high at 65.04 and low at 64.69 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 65.04 mark.
     
  • Key resistances are seen at 65.04, 65.22, 65.36, 65.48, 65.65 and 65.82 marks respectively.
     
  • On the other side, initial supports are seen at 64.70, 64.60, 64.42, 64.22, 64.02, 63.87, 63.68, 63.47, 63.22 and 63.17 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 0.49 percent higher at 10,382.80 points while BSE Sensex was trading 0.44 points higher at 33,772.23 points.

We prefer to take short position in USD/INR around 64.85, stop loss at 65.04 and target of 64.60/64.42.

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