FxWirePro: USD/INR trades in narrow range, RBI’s MPC meeting minutes in focus

 

• USD/INR is currently trading around 71.01 marks.
   
• It made intraday high at 71.10 and low at 70.90 marks.
   
• Intraday bias remains neutral till the time pair holds key support at 70.98 mark.
   
• Key resistances are seen at 71.34, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 70.98, 70.47, 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.
   
• India’s NSE was trading 0.43 pct higher at 11,636.80 and BSE was trading 0.45 pct higher at 39,228.44 points.

We prefer to take short position on USD/INR only below 70.90, stop loss 71.15 and target of 70.47.