A big day for Indian rupee ahead of Union budget

• Pair is currently trading at 68.62 levels.
   
• It made intraday high at 68.74 and low at 68.58 levels.
   
• A daily close above 68.82 will turn the bias bullish and drag the parity towards multiyear low above 69.22 levels.
   
• Alternatively, current downfall will take the parity back below 68.50 and 68.00 thereafter.
   
• Key resistance levels falls at 68.78, 69 and 69.22 levels.
   
• On the down side, key support levels are seen at 68.47, 68.18 and 68.00 thereafter.
   
• The key event for the day is Indian budget, which will give clear direction for the short term movement.

We prefer to take short position in USD/INR above 68.70, stop loss 68.92 and target 68.48 levels.