FxWirePro: Indian rupee trades marginally higher against U.S. dollar, short term trend reversal likely

• USD/INR is currently trading around 71.78 marks.
   
• It made intraday high at 72.01 and low at 71.66 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 72.03, 72.24, 72.44, 72.68 and 72.85 marks respectively.

• On the other side, initial supports are seen at 71.47, 71.33, 71.00, 70.63, 70.47, 70.22 and 69.94 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.05 percent lower at 11,533.28 points while BSE Sensex was trading 0.08 points lower at 38,213.82 points.

We prefer to take long position on USD/INR only above 72.03, stop loss at 71.47 and target of 72.24/72.44.