FxWirePro: Indian rupee trades marginally lower ahead of trade balance, balance of payment data

• USD/INR is currently trading around 69.67 marks.
   
• It made intraday high at 69.76 and low at 69.52 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 69.52 mark.
   
• Key resistances are seen at 69.98, 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 69.52, 69.35, 69.02 and 68.82 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 0.10 percent higher at 11,312.58 points while BSE Sensex was trading 0.26 points higher at 37,633.87 points.
   
• India will release trade balance as well as balance of payment data around 1130 GMT.

We prefer to take short position on USD/INR only below 69.52, stop loss at 70.00 and target of 69.02.