FxWirePro: Indian rupee trades marginally higher as manufacturing PMI data meets expectations

• USD/INR is currently trading around 71.58 marks.
   
• It made intraday high at 71.66 and low at 71.55 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.82 mark.
   
• Key resistances are seen at 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.47, 71.36, 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 0.08 pct lower at 12,046.40 points and BSE Sensex 0.01 points pct higher at 40,796.76 points.
   
• India’s manufacturing PMI stands at 51.2 vs 50.6 previous release (expected 49.8).

We prefer to take long position on USD/INR only above 71.75, stop loss at 71.50 and target of 71.82/72.05 mark.