FxWirePro: Indian rupee trades almost flat against U.S. dollar after WPI inflation data

• USD/INR is currently trading around 64.03 marks.
   
• It made intraday high at 64.10 and low at 63.95 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 64.10 marks.
   
• Key resistances are seen at 64.10, 64.22, 64.48, 64.60, 64.82, 64.98, 65.09, 65.18, 65.34, 65.52 and 65.80 marks respectively.
   
• On the other side, initial supports are seen at 63.95, 63.75, 63.62, 63.48, 63.36 and 63.11 marks respectively.
   
• In addition, India’s NSE Nifty was trading around 0.77 percent higher at 9,785.15 points and BSE Sensex was trading at 0.71 percent higher at 31,434.17 points.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• India July WPI inflation y/y increase to 1.88 % (forecast 1.30 %) vs previous 0.90 %.
   
• India July WPI fuel y/y decrease to 4.37 % vs previous 5.28 %.
   
• India July WPI manufacturing inflation decrease to 2.18 % vs previous 2.27 %.
   
• India July WPI food index increase to 2.12 % vs previous -1.25 %.

We prefer to take short position in USD/INR around 64.05, stop loss at 64.12 and target of 63.75.

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