FxWirePro: USD/INR trades in narrow range, RBI’s repo rate decision in focus

• USD/INR is currently trading around 71.57 marks.
   
• It made intraday high at 71.75 and low at 71.56 marks.
   
• Intraday bias remains neutral till the time pair holds key resistance at 71.80 mark.
   
• Key resistances are seen at 71.80, 72.02, 72.32 and 72.47 marks respectively.
   
• On the other side, initial supports are seen at 71.51, 71.40, 71.06, 70.93, 70.78 and 70.23 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 0.27 percent higher at 11,096.58 points while BSE Sensex was trading 0.40 points higher at 37,120.55 points.
   
• RBI will release cash rate decision at 0615 GMT.

We prefer to take short position on USD/INR only below 71.55, stop loss at 71.92 and target of 71.06.