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FxWirePro: USD/INR trades in narrow range, good to sell on rallies

  • USD/INR is currently trading around 64.49 marks.
     
  • It made intraday high at 64.53 and low at 64.45 marks.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 64.75 mark.
     
  • Key resistances are seen at 64.62, 64.75, 64.87, 64.95, 65.12 and 65.28 marks respectively.
     
  • On the other side, initial supports are seen at 64.40, 64.22, 64.05, 63.85 and 63.68 marks respectively.
     
  • India’s NSE Nifty was trading around 0.77 percent higher at 10,121.95 points and BSE Sensex was trading at 0.78 percent higher 32,852.05 points.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/INR around 64.60, stop loss at 64.75 and target of 64.22/64.05.

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