FxWirePro: USD/INR hovers around 70.50 mark, good to sell on rallies

• USD/INR is currently trading around 70.56 marks.
   
• It made intraday high at 70.57 and low at 70.44 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 70.50 mark.
   
• Key resistances are seen at 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 1.30 pct higher at 11,777.10 points and BSE Sensex was trading 1.36 pct higher at 39,785.15 points.

We prefer to take short position on USD/INR around 70.55, stop loss 70.70 and target of 70.10/69.76.