FxWirePro: Indian rupee remains almost unchanged after WPI inflation data

• USD/INR is currently trading around 69.63 marks.
   
• It made intraday high at 69.70 and low at 69.51 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 69.37 mark.
   
• Key resistances are seen at 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 69.52, 69.35, 69.02 and 68.82 marks respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India’s NSE Nifty was trading around 0.05 percent higher at 11,347.58 points while BSE Sensex was trading 0.09 points higher at 37,781.87 points.
   
• India Feb 2019 WPI inflation yy increase to 2.93 % (forecast 2.88 %) vs previous 2.76 %.
   
• India Feb 2019 WPI manufacturing inflation decrease to 2.25 % vs previous 2.61 %.
   
• India Feb 2019 WPI food index increase to 3.29 % vs previous 1.84 %.

We prefer to take short position on USD/INR only below 69.52, stop loss at 70.00 and target of 69.02.