December 8, 2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 03-10-2016

MTECHTIPS Sell around 67.00-67.10 Target 66.75-66.52. Stop loss above 67.25Dollar/rupee recovered from the weekly low 66.6825 levels following to local stocks which plunged sharply on Thursday as sentiments dampened after India army said it carried out ‘surgical strikes’ on terrorist bases along the border with Pakistan Wednesday night.   However, pair was unable to break its strong resistance 67.25 on closing basis and retraced towards 66.8225 before closing at 66.8875 levels. Technical, on the weekly chart USDINR broke its medium term support of 67.15 and formed a long bearish candle stick which points for bearishness in days to come. This week, 67.00 will act an immediate support and USDINR would need to trade below this level in order to test 66.75.-66.52, else any rise towards 67.40-67.45 likely to attract near term selling activities with stop loss above 67.85

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