FxWirePro: Indian rupee trades marginally higher ahead of RBI’s interest rate decision

• USD/INR is currently trading around 70.43 marks.
   
• It made intraday high at 70.65 and low at 70.40 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 70.82, 71.05, 71.40, 72.02, 72.24, 72.50 and 72.86 marks respectively.
   
• On the other side, initial supports are seen at 70.27, 69.87, 69.66, 69.34, 69.02, 68.65 and 68.15 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 Nifty was trading around 0.76 percent lower at 10,794.58 points while BSE Sensex was trading 0.54 points lower at 35,940.55 points.
   
• RBI will release interest rate decision at 0900 GMT.

We prefer to take short position on USD/INR only below 70.27, stop loss at 70.65 and target of 69.87.