Mtechtips MCX-SX USDINR INTRADAY trading analysis 1-08-2016
MTECHTIPS USD-INR August Future Sell around 67.35-67.45 Target 67.00-66.85. Stop loss above 67.70 USD-INR August Future traded negative in entire week and settled at 67.29 compare to previous close of 67.47 levels. A disappointed monetary policy by the US Fed and Bank of Japan has contributed weakness in USDINR which tested its lowest level since April 3. The dollar weakened to one-week low post the outcome of the two-day monetary policy meeting that concluded Wednesday. However, dollar buying by oil importers to meet month-end requirements limited the loss in the pair. Technically, the short term perspective USDINR turn bearish following to short term consolidation break down on the weekly chart which looking like bearish Flag pattern and pair may test 66.90-66.75 very soon.On the other hand, massive resistance likely to seen at 67.75 and a break above only will expect to test 68.00-68.25.