FxWirePro: Indian rupee falls sharply against U.S. dollar after WPI inflation data

• USD/INR is currently trading around 75.93 marks.
   
• It made intraday high at 75.97 and low at 75.08 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 74.90 mark.
   
• Key resistances are seen at 75.98, 76.15, 76.47, 76.87, 77.41, 77.78, 78.12, 78.26, 78.62 and 79.02 marks respectively.

• On the other side, initial supports are seen at 74.90, 74.50, 73.74, 73.58, 73.00 and 72.58 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 0.60 pct lower at 8,946.55 points while BSE Sensex was trading 0.78 pct lower at 30,503.55 points.
   
• India’s WPI inflation stands at 0.9 pct vs 2.26 pct previous release (expected 2.00 pct).
   
• India’s WPI manufacturing inflation stands at 0.34 pct vs 0.42 pct previous release.

We prefer to take long position on USD/INR only above 75.98, stop loss at 75.40 and target of 76.47/76.87/77.00.