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FxWirePro: Indian rupee trades marginally higher against U.S. dollar, stay bearish

  • USD/INR is currently trading around 64.14 marks.
     
  • It made intraday high at 64.18 and low at 64.06 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 64.25 marks.
     
  • Key resistances are seen at 64.25, 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 63.95, 63.75, 63.62, 63.48, 63.36 and 63.11 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Indian banks will be closed in observance of Independence Day.

We prefer to take short position in USD/INR around 64.15, stop loss at 64.22 and target of 63.95/63.75.

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