FxWirePro: USD/INR fails to find support above 70.70 mark, bias turns bearish again

• USD/INR is currently trading around 70.57 marks.
   
• It made intraday high at 70.65 and low at 70.50 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 70.70 mark.
   
• Key resistances are seen at 70.70, 71.02, 71.11, 71.34, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.50, 70.10, 69.76 and 69.48 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 Nifty was trading 0.63 pct higher at 11,919.20 points and BSE Sensex was trading 0.60 pct higher at 40,285.55 points.

We prefer to take short position on USD/INR around 70.62, stop loss 70.70 and target of 70.10.