FxWirePro: Indian rupee trades marginally higher against U.S. dollar, sustained close above 72.68 requires for upside rally

• USD/INR is currently trading around 72.50 marks.
   
• It made intraday high at 72.81 and low at 72.46 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 72.68, 72.85, 73.02, 73.24 and 73.66 marks respectively.

• On the other side, initial supports are seen at 72.33, 72.03, 71.68, 71.47, 71.33, 71.13, 70.63, 70.47, 70.22 and 69.94 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.  Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.30 percent higher at 11,312.28 points while BSE Sensex was trading 0.31 points higher at 37,393.82 points.

We prefer to take short position on USD/INR around 72.55, stop loss at 72.85 and target of 72.03.