FxWirePro: USD/INR remains well supported below 73.00 mark, stay bearish only below 72.32 mark

• USD/INR is currently trading around 72.42 marks.
   
• It made intraday high at 72.76 and low at 72.32 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 72.32 mark.
   
• Key resistances are seen at 72.86, 73.02, 73.45, 74.04, 74.28, 74.57, 74.77 and 74.95 marks respectively.

• On the other side, initial supports are seen at 72.32, 72.18, 71.89, 71.50, 71.33 and 71.13 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.22 percent higher at 10,505.22 points while BSE Sensex was trading 0.18 points higher at 34,874.55 points.

We prefer to take short position on USD/INR only below 72.32, stop loss at 73.00 and target of 71.50 mark.