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FxWirePro: Indian rupee erases previous gain against U.S. dollar, faces immediate resistance at 64.62 mark

  • USD/INR is currently trading around 64.55 marks.
     
  • It made intraday high at 64.62 and low at 64.55 marks.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 64.42 marks.  
     
  • Key resistances are seen at 64.62, 64.72, 64.82, 64.92, 65.02, 65.18, 65.34, 65.52 and 65.80 marks respectively.
     
  • On the other side, initial supports are seen at 64.55, 64.42, 64.32, 64.27, 64.18, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.09 percent lower at 9,507.50 points and BSE Sensex was trading at 0.19 percent lower at 30,896.44 points.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/INR above 64.62, stop loss at 64.42 and target of 64.82.

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