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

• USD/INR is currently trading around 75.05 marks.
   
• It made intraday high at 75.28 and low at 74.82 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 75.28 mark.
   
• Key resistances are seen at 75.28, 75.80, 76.00 and 76.51marks respectively.

• On the other side, initial supports are seen at 74.55, 73.97, 73.58, 73.00 and 72.58 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 was trading 4.88 pct lower at 9,377.75 points while BSE Sensex was trading 4.97 pct lower at 32,034.70 points.
   
• India’s manufacturing PMI stands at 27.4 vs 51.8 previous release (expected 41.0).

We prefer to take long position on USD/INR only above 75.28, stop loss at 74.50 and target of 75.80/76.00.