FxWirePro: Indian rupee erases previous loss against U.S. dollar, short term trend reversal likely

• USD/INR is currently trading around 70.75 marks.
   
• It made intraday high at 70.84 and low at 70.68 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 70.93, 71.24 and 71.44 marks respectively.
   
• On the other side, initial supports are seen at 70.63, 70.47, 70.22 and 69.94 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 0.27 percent higher at 11,715.22 points while BSE Sensex was trading 0.37 points higher at 38,787.82 points.

We prefer to take long position on USD/INR only above 70.85, stop loss at 70.47 and target of 71.24.