FxWirePro: Indian rupee appreciates on the back of higher than expected manufacturing PMI data

• USD/INR is currently trading around 73.65 marks.
   
• It made intraday high at 73.94 and low at 73.60 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 74.04 mark.
   
• Key resistances are seen at 74.04, 74.28, 74.57, 74.77 and 74.95 marks respectively.

• On the other side, initial supports are seen at 73.48, 72.96, 72.87, 72.45, 72.12, 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.
   
• India’s NSE Nifty was trading around 0.24 percent higher at 10,411.22 points while BSE Sensex was trading 0.24 points higher at 34,523.55 points.

We prefer to take long position on USD/INR around 73.55, stop loss at 73.20 and target of 74.04.