FxWirePro: Indian rupee rises despite lower than expected Nikkei Markit manufacturing PMI data

• USD/INR is currently trading around 67.17 marks.
   
• It made intraday high at 67.46 and low at 67.13 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 67.55 mark.
   
• Key resistances are seen at 67.55, 67.97, 68.10, 68.50, 68.68, 68.83 and 68.98 marks respectively.
   
• On the other side, initial supports are seen at 67.02, 66.80, 66.68, 66.42, 66.30 and 66.16 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 0.14 percent higher at 10,751.80 points while BSE Sensex was trading 0.22 points higher at 35,400.88 points.
   
• India May Nikkei markit manufacturing PMI decrease to 51.2 (forecast 51.5 ) vs previous 51.6.

We prefer to take short position in USD/INR around 67.20, stop loss at 67.55 and target of 66.80.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest