FxWirePro: Indian rupee falls gradually against U.S. dollar, consistent close above 71.20 requires for upside rally

• USD/INR is currently trading around 71.24 marks.
   
• It made intraday high at 71.27 and low at 71.06 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 70.90 mark.
   
• Key resistances are seen at 71.27, 71.48 and 71.86 marks respectively.
   
• On the other side, initial supports are seen at 70.90, 70.60, 70.23, 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.48 percent lower at 10,909.58 points while BSE Sensex was trading 0.45 points lower at 36,401.11 points.

We prefer to take long position on USD/INR only above 71.50, stop loss at 70.90 and target of 71.86.