February 24, 2017

Mtechtips MCX-SX USDINR INTRADAY trading analysis 12-09-2016

MTECHTIPS Buy around 66.75-66.85 Target 67.10-67.35. Stop loss below 66.55ORFresh sell expect below 66.50. Target 66.10/65.80. Stop loss above 66.75. ollar/Rupee reacted positive after the European Central Bank offered no clear indications about further stimulus plans while reports that North Korea had conducted a nuclear test also added somewhat strength in dollar. Meanwhile strong demand by nationalized banks on behalf of oil importers too supported the currency pair.India’s industrial production data Monday and retail inflation on Tuesday Technical, on the weekly chart USDINR was unable to sustain below 66.55 levels and pullback towards 66.90 levels as longer-term buyers stepped in to take advantage of lower levels. Weekly price action resulted in formation of hammer candle stick which is indicating for momentum gain may take place in the USDINR. On the downside, crucial support is seen at 66.50 and sustain trade below only will expect to test 66.10 and below. Failure of the break could result recovery rally towards 67.35-67.65





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