FxWirePro: USD/INR rejects key resistance at 72.10 mark, good to sell on rallies

• USD/INR is currently trading around 71.78 marks.
   
• It made intraday high at 71.89 and low at 71.71 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 72.10 mark.
   
• Key resistances are seen at 72.10, 72.22, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.70, 71.47, 71.22, 71.10, 70.90, 70.68, 70.47, 70.32, 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. Current downside movement is short term trend correction only.
   
• India’s NSE was trading 0.70 pct lower at 11,713.85 points and BSE sensex was trading 0.66 pct lower at 40,013.43 points.

We prefer to take short position on USD/INR around 71.80, stop loss at 72.00 and target of 71.47.