FxWirePro: USD/INR trades in narrow range, India’s WPI inflation data in focus

• USD/INR is currently trading around 70.83 marks.
   
• It made intraday high at 70.94 and low at 70.80 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.22 mark.
   
• Key resistances are seen at 70.94, 71.22, 71.37, 71.75, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 70.49, 70.23, 69.82, 69.60 and 69.35 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 around 0.23 percent lower at 10,770.58 points while BSE Sensex was trading 0.16 points lower at 35,972.55 points.
   
• India will release WPI inflation data at 0630 GMT.

We prefer to take long position on USD/INR only above 70.94, stop loss at 70.49 and target of 71.22/71.37/71.75.