FxWirePro: Indian rupee strengthens on robust manufacturing PMI data

• USD/INR is currently trading around 68.98 marks.
   
• It made intraday high at 68.18 and low at 68.98 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 69.10, 69.38 and 69.85 marks respectively.

• On the other side, initial supports are seen at 68.85, 68.66, 68.52, 68.31, 68.12, 67.88, 67.47, 67.26 and 66.60 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 was trading 0.90 pct lower at 11,017.26 points and BSE Sensex was trading 0.92 pct lower at 37,147.55 points.
   
• India Nikkei markit manufacturing PMI at 52.5 pct vs 52.1 previous release.

We prefer to take short position on USD/INR around 69.00, stop loss 69.20 and target of 68.85/68.66.