FxWirePro: USD/INR hits fresh 4-week high at 71.56 mark, faces strong resistance at 71.80 mark

• USD/INR is currently trading around 71.39 marks.
   
• It made intraday high at 71.56 and low at 71.34 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 71.11 mark.
   
• Key resistances are seen at 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.11, 70.90, 70.47, 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 0.20 pct higher at 11,452.80 and BSE was trading 0.14 pct higher at 38,560.44 points.

We prefer to take short position on USD/INR around 71.40, stop loss 71.58 and target of 71.11.