FxWirePro: Indian rupee erases previous gain against U.S. dollar, hovers around key resistance at 63.48 mark

• USD/INR is currently trading around 63.47 marks.
   
• It made intraday high at 63.49 and low at 63.34 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 63.17 mark.
   
• Key resistances are seen at 63.48, 63.55, 63.70, 63.96, 64.07, 64.15, 64.27, 64.48, 64.67, 64.78, 64.87, 64.95, 65.12 and 65.28 marks respectively.
   
• On the other side, initial supports are seen at 63.34, 63.17, 63.10, 62.84, 62.67, 62.48 and 61.96 marks respectively.

• 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.
   
• India’s NSE Nifty was trading around 0.02 percent higher at 10,624.80 points and BSE Sensex was trading at 0.13 percent higher 34,396.06 points.

We prefer to take long position in USD/INR around 63.45, stop loss at 63.30 and target of 63.55/63.70.

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