FxWirePro: USD/INR fails to fall below 70.50 mark, bias turns bullish again

• USD/INR is currently trading around 70.92 marks.
   
• It made intraday high at 70.97 and low at 70.83 marks.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 70.50 mark.
   
• Key resistances are seen at 70.90, 71.22, 71.47, 71.68, 71.90, 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 0.13 pct higher at 12,371.25 points and BSE sensex 0.20 pct higher at 42,018.55 points.
   
• India will release forex reserves, bank loan growth and deposit growth data around 1130 GMT.

We prefer to take long position on USD/INR around 70.90, stop loss at 70.70 and target of 71.22/71.47 mark.