FxWirePro: Indian rupee rises noticeably against U.S. dollar after RBI’s interest rate cut decision, faces key support at 70.72 mark

• USD/INR is currently trading around 71.23 marks.
   
• It made intraday high at 71.37 and low at 71.21 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 71.75 mark.
   
• Key resistances are seen at 71.75, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 71.20, 71.06, 70.93, 70.78 and 70.23 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.57 percent lower at 11,006.58 points while BSE Sensex was trading 0.56 points lower at 36,766.55 points.

We prefer to take short position on USD/INR around 71.30, stop loss at 71.50 and target of 71.06/70.72.