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FxWirePro: Indian rupee trades marginally lower against U.S. dollar, faces immediate resistance at 64.65 mark

  • USD/INR is currently trading around 64.60 marks.
     
  • It made intraday high at 64.62 and low at 64.51 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 64.40 marks.  
     
  • Key resistances are seen at 65.02, 65.18, 65.34, 65.52 and 65.80 marks respectively.

  • On the other side, initial supports are seen at 64.48, 64.40, 64.35, 64.27, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.33 percent higher at 9,542.55 points and BSE Sensex was trading at 0.42 percent higher at 30,877.74 points.
     
  • 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.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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