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FxWirePro: Indian rupees erases previous gain against U.S. dollar, bias turns bullish again

  • USD/INR is currently trading around 64.41 marks.
     
  • It made intraday high at 64.43 and low at 64.27 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 63.95 marks.  
     
  • Key resistances are seen at 64.40, 64.49, 64.61, 64.74, 64.82, 64.92, 65.08, 65.15, 65.34, 65.48 and 65.64 marks respectively.
     
  • On the other side, initial supports are seen at 64.22, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
     
  • In addition, India’s NSE Nifty was trading around 0.54 percent lower at 9,474.55 points and BSE Sensex was trading at 0.34 percent lower at 30,553.03 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.

We prefer to go long on USD/INR around 64.35, stop loss 64.22 and target of 64.49/64.60.

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