FxWirePro: Indian rupee falls as manufacturing PMI data fails to meet expectations

• USD/INR is currently trading around 64.77 marks.
   
• It made intraday high at 64.80 and low at 64.64 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 64.62 marks.  
   
• Key resistances are seen at 64.82, 64.94, 65.02, 65.18, 65.34, 65.52 and 65.80 marks respectively.
   
• On the other side, initial supports are seen at 64.62, 64.55, 64.40, 64.32, 64.27, 64.18, 64.07, 63.95, 63.65, 63.47 and 63.36 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.91 percent higher at 9,607.50 points and BSE Sensex was trading at 0.99 percent higher at 31,227.64 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.
   
• India June Nikkei Markit manufacturing PMI decrease to 50.9 vs previous 51.6.

We prefer to take long position in USD/INR around 64.75, stop loss at 64.62 and target of 64.94/65.02.

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