FxWirePro: USD/INR stabilizes below 70.00 mark, good to sell on rallies

• USD/INR is currently trading around 69.87 marks.
   
• It made intraday high at 69.98 and low at 69.79 marks.
   
• Intraday bias remains bearish for the moment.
   
• Key resistances are seen at 70.20, 70.51, 70.68 and 70.85 marks respectively.
   
• On the other side, initial supports are seen at 69.82, 69.60 and 69.35 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 NSE Nifty was trading around 0.90 percent higher at 11,133.58 points while BSE Sensex was trading 0.82 points higher at 36,973.87 points.

We prefer to take short position on USD/INR around 69.90, stop loss at 70.25 and target of 69.60/69.35.