FxWirePro: Indian rupee falls gradually against U.S. dollar, sustained close above 71.71 requires for upside rally

• USD/INR is currently trading around 71.48 marks.
   
• It made intraday high at 71.49 and low at 71.30 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 70.96 mark.
   
• Key resistances are seen at 71.71, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 70.96, 70.70, 70.49, 70.23, 69.82, 69.60 and 69.35 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 0.75 percent lower at 10,644.58 points while BSE Sensex was trading 0.72 points lower at 35,552.92 points.

We prefer to take long position on USD/INR around 71.40, stop loss at 70.96 and target of 71.71/72.02.