FxWirePro: Indian rupee trades flat despite robust manufacturing PMI data

• USD/INR is currently trading around 71.60 marks.
   
• It made intraday high at 71.74 and low at 71.53 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 71.52 mark.
   
• Key resistances are seen at 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.22, 71.02, 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 0.64 pct higher at 11,737.85 points and BSE sensex 0.60 pct higher at 39,968.43 points.
   
• India’s markit manufacturing PMI stands at 55.3 vs 52.7 pct previous release (expected 52.8).

We prefer to take long position on USD/INR only above 71.75, stop loss at 71.50 and target of 71.90/72.17.