FxWirePro: USD/INR hits fresh 2-week high at 71.18 mark, India’s trades balance data in focus

• USD/INR is currently trading around 71.13 marks.
   
• It made intraday high at 71.18 and low at 71.00 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 70.90 mark.
   
• Key resistances are seen at 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.90, 70.47, 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 0.36 pct higher at 11,382.80 and BSE was trading 0.45 pct higher at 38,385.44 points.
   
• India will release trade balance data around 1300 GMT.

We prefer to take long position on USD/INR around 71.10, stop loss 70.90 and target of 71.46/71.80.