FxWirePro: USD/INR stabilizes above 69.00 mark, short term trend reversal likely

• USD/INR is currently trading around 69.23 marks.
   
• It made intraday high at 69.24 and low at 68.92 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 68.49 mark.
   
• Key resistances are seen at 69.52, 69.70, 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 68.92, 68.49, 67.88 and 67.67 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• India’s NSE Nifty was trading around 0.46 percent higher at 11,651.58 points while BSE Sensex was trading 0.42 points higher at 38,846.87 points.
   
• India repo rate decrease to 6 % (forecast 6 %) vs previous 6.25 %.
   
• India reverse repo rate decrease to 5.75 % (forecast 5.75 %) vs previous 6 %.

We prefer to take long position on USD/INR around 69.20, stop loss 68.90 and target of 69.98.