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- USD/INR is currently trading around 63.60 marks.
- It made intraday high at 63.66 and low at 63.53 marks.
- Intraday bias remains bearish till the time pair holds key resistance at 64.03 marks.
- Key resistances are seen at 64.03, 64.22, 64.48, 64.60, 64.82, 64.98, 65.09, 65.18, 65.34, 65.52 and 65.80 marks respectively.
- On the other side, initial supports are seen at 63.47, 63.36 and 63.11 marks respectively.
- In addition, India’s NSE Nifty was trading around 0.48 percent lower at 10,032.77 points and BSE Sensex was trading at 0.60 percent lower at 32,286.09 points.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Yesterday RBI released repo rate decision.
- India July Nikkei markit services PMI decrease to 45.9 vs previous 53.1.
- India reverse repo rate decrease to 5.75 % (forecast 5.75 %) vs previous 6.00 %.
- India repo rate decrease to 6.0 % (forecast 6.00 %) vs previous 6.25 %.
We prefer to take short position in USD/INR around 63.72, stop loss at 64.01 and target of 63.47/63.11.
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