FxWirePro: Indian rupee trades flat ahead of RBI’s repo rate decision

• USD/INR is currently trading around 71.15 marks.
   
• It made intraday high at 71.23 and low at 71.11 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 71.10 mark.
   
• Key resistances are seen at 71.32, 71.63, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.10, 70.90, 70.68, 70.47, 70.32, 70.10, 69.76 and 69.48 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 was trading 0.07 pct higher at 12,097.85 points and BSE sensex 0.04 pct higher at 41,159.43 points.
   
• RBI will release repo rate decision around 0615 GMT.

We prefer to take short position on USD/INR only below 71.00, stop loss at 71.25 and target of 70.90/70.68/70.47.