FxWirePro: Indian rupee trades marginally higher ahead of WPI inflation data

• USD/INR is currently trading around 71.90 marks.
   
• It made intraday high at 72.06 and low at 71.77 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 72.05 mark.
   
• Key resistances are seen at 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.49, 71.22, 70.92, 70.74, 70.47, 70.32, 70.10, 69.76 and 69.48 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 0.08 pct higher at 11,850.40 points and BSE sensex points 0.20 pct higher at 40,195.27 points.
   
• India will release WPI inflation data around 0630 GMT.

We prefer to take long position on USD/INR only above 72.06, stop loss 71.70 and target of 72.42.