FxWirePro: USD/INR jumps above 70.00 mark in early Asia, gradual uptrend likely

• USD/INR is currently trading around 69.70 marks.
   
• It made intraday high at 70.07 and low at 69.67 marks.
   
• Intraday bias remains slightly bearish for the moment.
   
• Key resistances are seen at 70.15, 70.38, 70.56 and 70.77 marks respectively.
   
• On the other side, initial supports are seen at 69.52, 69.02, 68.65, 68.50 and 68.34 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 Nifty was trading around 0.42 percent higher at 11,402.22 points while BSE Sensex was trading 0.37 points higher at 37,783.82 points.
   
• India July 2018 WPI inflation yy decrease to 5.09 % (forecast 5.24 %) vs previous 5.77 %.
   
• India July 2018 WPI food index decrease to -0.86 % vs previous 1.56 %.
   
• India July 2018 WPI fuel yy increase to 18.1 % vs previous 16.18 %.
   
• India July 2018 WPI manufacturing inflation increase to 4.26 % vs previous 4.17 %.

We prefer to take long position on USD/INR around 69.52, stop loss at 69.02 and target of 70.15.