FxWirePro: USD/INR remains well supported below 68.00 mark, India’s GDP data in focus

• USD/INR is currently trading around 67.44 marks.
   
• It made intraday high at 67.55 and low at 67.27 marks.
   
• Intraday bias remains bearish till the time pair holds key resistance at 67.86 mark.
   
• Key resistances are seen at 67.86, 67.97, 68.10, 68.50, 68.68, 68.83 and 68.98 marks respectively.
   
• On the other side, initial supports are seen at 67.25, 67.02, 66.80, 66.68, 66.42, 66.30 and 66.16 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 Nifty was trading around 0.34 percent higher at 10,652.80 points while BSE Sensex was trading 0.38 points higher at 35,039.88 points.
   
• India will release GDP as well as infrastructure output data around 1200 GMT.

We prefer to take long position in USD/INR only above 67.55, stop loss at 67.25 and target of 68.10.

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