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

• USD/INR is currently trading around 70.72 marks.
   
• It made intraday high at 70.78 and low at 70.55 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 70.47 mark.
   
• Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.47, 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 0.28 pct higher at 11,334.80 and BSE was trading 0.20 pct higher at 38,205.44 points.
   
• India will release WPI inflation data around 0630 GMT.

We prefer to take long position on USD/INR only above 70.90, stop loss 70.47 and target of 71.46/71.80.