FxWirePro: Indian rupee falls against U.S. dollar after RBI’s monetary policy review

• USD/INR is currently trading around 71.57 marks.
   
• It made intraday high at 71.59 and low at 71.36 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.11 mark.
   
• Key resistances are seen at 71.52, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.11, 70.92, 70.74, 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 lower at 12,073.40 points and BSE sensex points 0.76 pct lower at 40,831.76 points.

We prefer to take long position on USD/INR around 71.50, stop loss at 71.32 and target of 71.82/72.05 mark.