FxWirePro: Indian rupee trades marginally higher ahead of industrial production data

• USD/INR is currently trading around 70.61 marks.
   
• It made intraday high at 70.69 and low at 70.59 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 70.96 mark.
   
• Key resistances are seen at 70.96, 71.22, 71.52, 71.70, 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 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 0.32 pct higher at 11,948.40 points and BSE sensex points 0.27 pct higher at 40,526.33 points.
   
• India will release industrial production as well as manufacturing production data around 1200 GMT.

We prefer to take short position on USD/INR only below 70.55, stop loss at 70.96 and target of 70.10/69.76 mark.