FxWirePro: USD/INR trades in narrow range, stay bearish only below 71.50 mark

• USD/INR is currently trading around 71.61 marks.
   
• It made intraday high at 71.75 and low at 71.60 marks.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 71.82 mark.
   
• Key resistances are seen at 71.82, 72.05, 72.17, 72.42, 72.68 and 72.89 marks respectively.

• On the other side, initial supports are seen at 71.49, 71.22, 70.92, 70.74, 70.47, 70.32, 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 0.05 pct lower at 11,992.40 points and BSE sensex points 0.02 pct higher at 40,659.06 points.

Positioning is inconclusive at this point. We remain sideways for the time being.