FxWirePro: USD/INR stabilizes below 71.50 mark, sustained close below targets 70.80 mark

• USD/INR is currently trading around 71.37 marks.
   
• It made intraday high at 71.47 and low at 71.35 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.68 mark.
   
• Key resistances are seen at 71.68, 71.90, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.22, 70.80, 70.64, 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. Current downside movement is short term trend correction only.
   
• India’s NSE was trading 1.04 pct higher at 12,153.25 points and BSE sensex 1.05 pct higher at 41,243.40 points.

We prefer to take short position on USD/INR around 71.38, stop loss at 71.50 and target of 71.22/70.80 mark.