FxWirePro: Indian rupee strengthens against U.S. dollar, faces strong support at 64.48 mark

• USD/INR is currently trading around 64.50 marks.
   
• It made intraday high at 64.61 and low at 64.49 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 64.72 marks.  
   
• Key resistances are seen at 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 64.48, 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 0.46 percent higher at 9,678.45 points and BSE Sensex was trading at 0.42 percent higher at 31,416.44 points.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/INR only below 64.48, stop loss at 64.72 and target of 64.27/64.18.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest