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FxWirePro: Indian rupee erases previous gain against U.S. dollar, stay bearish only below 63.32 mark

  • USD/INR is currently trading around 63.42 marks.
     
  • It made intraday high at 63.50 and low at 63.35 marks.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 63.32 mark.
     
  • Key resistances are seen at 63.70, 63.96, 64.07, 64.15, 64.27, 64.48, 64.67, 64.78, 64.87, 64.95, 65.12 and 65.28 marks respectively.
     
  • On the other side, initial supports are seen at 63.32, 63.12, 62.48 and 61.96 marks respectively.
  • 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.
     
  • India’s NSE Nifty was trading around 0.23 percent higher at 10,466.70 points and BSE Sensex was trading at 0.31 percent higher 33,916.06 points.

We prefer to take short position in USD/INR only below 63.32, stop loss at 63.70 and target of 63.12/62.48.

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