FxWirePro: Indian rupee trades marginally lower ahead of WPI inflation data

• USD/INR is currently trading around 69.56 marks.
   
• It made intraday high at 69.56 and low at 69.48 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 69.25 mark.
   
• Key resistances are seen at 69.52, 69.85, 70.20, 70.52, 70.85, 70.97, 71.23 and 71.51 marks respectively.

• On the other side, initial supports are seen 69.25, 69.02, 68.60, 68.49, 67.88 and 67.67 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 was trading 0.45 pct lower at 11,858.55 points and BSE Sensex was trading 0.42 pct lower at 39,582.79 points.
   
• India will release WPI inflation data around 0630 GMT.

We prefer to take short position on USD/INR around 69.62, stop loss 69.80 and target of 69.25/69.02/68.87.