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

• USD/INR is currently trading around 69.39 marks.
   
• It made intraday high at 69.44 and low at 69.13 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 69.52 mark.
   
• Key resistances are seen at 69.52, 69.82, 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 68.92, 68.49, 67.88 and 67.67 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 0.11 percent higher at 11,656.58 points while BSE Sensex was trading 0.13 points higher at 38,820.87 points.
   
• India will release WPI inflation data around 0630 GMT.

We prefer to take long position on USD/INR only above 69.52, stop loss 69.00 and target of 69.98.