FxWirePro: USD/INR rejects key support at 70.70 mark, good to buy on dips

• USD/INR is currently trading around 70.99 marks.
   
• It made intraday high at 71.05 and low at 70.70 marks.
   
• Intraday bias remains bullish till the time pair holds key support at 70.70 mark.
   
• Key resistances are seen at 71.18, 71.32, 71.71, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 70.70, 70.49, 70.23, 69.82, 69.60 and 69.35 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 0.02 percent higher at 10,792.58 points while BSE Sensex was trading 0.12 points higher at 35,917.87 points.

We prefer to take long position on USD/INR around 70.90, stop loss at 70.70 and target of 71.18/71.32.