FxWirePro: Indian rupee falls against U.S. dollar ahead of RBI’s interest rate decision

• USD/INR is currently trading around 66.53 marks.
   
• It made intraday high at 66.53 and low at 66.41 marks.
   
• Intraday bias remains bullish till the time pair holds immediate support at 66.33 marks.
   
• Key resistances are seen at 66.62, 66.75, 66.90, 67.05, 67.16, 67.28, 67.52, 67.71, 67.84, 67.95, 68.02, 68.35(March 1, 2016 high), 68.46, 68.66 and 68.78 marks respectively.
   
• On the other side, initial supports are seen at 66.42(May 01, 2016 low), 66.32 (November 2015 low), 66.21, 66.10, 65.95 and 65.81 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.24 percent higher at 8,758.56 points and BSE Sensex was trading at 0.31 percent higher at 28,331.38 points.
   
• 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.
   
• RBI will release interest rate decision at 0900 GMT.

We prefer to take short position in USD/INR around 66.78, stop loss at 67.05 and target of 66.32/66.24.