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FxWirePro: Indian rupee trades marginally higher against U.S. dollar, stay bullish only above 65.20 mark

  • USD/INR is currently trading around 65.13 marks.
     
  • It made intraday high at 65.20 and low at 65.10 marks.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 65.20 marks.
     
  • Key resistances are seen at 65.30, 65.48, 65.72, 65.85, 65.98, 66.20, 66.46, 66.68 and 66.79 marks respectively.
     
  • On the other side, initial supports are seen at 65.07, 64.98, 64.92, 64.84, 64.70, 64.62, 64.48, 64.38, 64.29 and 64.05 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • India’s NSE Nifty was trading around 0.25 percent higher at 10,283.70 points and BSE Sensex was trading at 0.13 percent lower 33,207.91 points.

We prefer to take long position in USD/INR only above 65.20, stop loss at 64.98 and target of 65.48.

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