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FxWirePro: Indian rupee falls noticeably against U.S. dollar ahead of WPI inflation data

  • USD/INR is currently trading around 71.43 marks.
     
  • It made intraday high at 71.65 and low at 71.02 marks.
     
  • Intraday bias remains bullish till the time pair holds key support at 70.80 mark.
     
  • Key resistances are seen at 71.92, 72.17, 72.42, 72.68 and 72.89 marks respectively.
  • On the other side, initial supports are seen at 71.02, 70.80, 70.47 and 70.10 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • India’s NSE Nifty was trading 0.30 pct lower at 11,042.05 points while BSE sensex was trading 0.32 points lower at 37,265.93 points.

We prefer to take long position on USD/INR around 71.25, stop loss 71.02 and target of 71.92.

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