FxWirePro: Indian rupee trades marginally higher against U.S. dollar ahead of RBI’s repo rate decision

• USD/INR is currently trading around 73.55 marks.
   
• It made intraday high at 73.79 and low at 73.48 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 73.79 mark.
   
• Key resistances are seen at 73.79, 73.98, 74.11, 74.28 and 74.57 marks respectively.

• On the other side, initial supports are seen at 73.22, 72.89, 72.45, 72.12, 71.50, 71.33 and 71.13 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 Nifty was trading around 0.75 percent lower at 10,518.20 points while BSE Sensex was trading 0.45 points lower at 35,010.82 points.
   
• RBI will release repo rate as well as reverse repo rate decision at 0900 GMT.

We prefer to take long position on USD/INR only above 73.79, stop loss at 73.22 and target of 74.28.