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FxWirePro: USD/INR hits fresh 3-week high at 64.12 mark, good to buy on dips

  • USD/INR is currently trading around 63.96 marks.
     
  • It made intraday high at 64.08 and low at 63.75 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 63.75 mark.
     
  • Key resistances are seen at 64.12, 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 63.75, 63.47, 63.38, 63.27, 63.18, 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 0.09 percent higher at 10,691.70 points and BSE Sensex was trading at 0.20 percent higher 34,840.06 points.

We prefer to take long position in USD/INR around 63.88, stop loss at 63.70 and target of 64.12/64.48.

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