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Relief Rally Extends to 112.75, but AUDJPY EMA Structure Favors Selling 
- USD/INR is currently trading around 70.42 marks.
- It made intraday high at 70.45 and low at 70.13 marks.
- Intraday bias remains bullish for the moment.
- Key resistances are seen at 70.48, 70.57, 70.86, 71.06 and 71.48 marks respectively.
- On the other side, initial supports are seen at 70.15, 69.87, 69.62, 69.35, 69.02, 68.65 and 68.15 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- India’s NSE Nifty was trading around 0.18 percent lower at 10,834.58 points while BSE Sensex was trading 0.09 points lower at 36,180.32 points.
We prefer to take long position on USD/INR only above 70.57, stop loss at 70.15 and target of 71.06.
