FxWirePro: USD/INR hovers around key resistance at 70.92 mark, sustained close above targets 71.34 mark

• USD/INR is currently trading around 70.80 marks.
   
• It made intraday high at 70.92 and low at 70.78 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 70.92 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 70.47, 70.32, 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 0.14 pct higher at 11,983.10 points and BSE sensex was trading 0.22 pct higher at 40,557.78 points.

We prefer to take long position on USD/INR only above 70.92, stop loss 70.50 and target of 71.34/71.80.