FxWirePro: USD/INR hits fresh 3-week high at 71.20 mark, India’s economic data in focus

• USD/INR is currently trading around 71.05 marks.
   
• It made intraday high at 71.20 and low at 70.74 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 70.74 mark.
   
• Key resistances are seen at 71.34, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.74, 70.47, 70.32, 70.10, 69.76 and 69.48 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s Nifty was trading 0.44 pct lower at 11,958.10 points and BSE sensex was trading 0.40 pct lower at 40,495.55 points.
   
• India will release bank loan growth, deposit growth and Fx reserves data around 1130 GMT.

We prefer to take long position on USD/INR around 71.00, stop loss 70.70 and target of 71.34/71.80.