October 28, 2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 19-09-2016

MTECHTIPS Buy around 66.85-66.95 Target 67.35-67.65. Stop loss below 66.68 Or Support 66.50 sustain trade below only will expect to test 66.10-65.80.Dollar/Rupee settled with 0.33% gain at 67.1125 levels. Pair rebounded from the weekly low 66.9250 and tested 67.27 before closing at 67.1125 levels on report that the Indian government may consider devaluing the local currency at a meeting next week on Sep 20. However India’s trade minister, Malarial Amaranths and economic affairs minister Shamanistic Das denied the reported comment on government’s move to devalue the local currency. trading range remained in between 66.90-67.25 levels as sideline sentiment was witnessed ahead of US Federal Open Market Committee and the Bank of Japan policy meetings.Weekly price action resulted in formation of doji candle stick stick which is indicating for indecisive trend. However, bullishness in dollar index may contribute momentum gains in the USD-INR. Hence, any dip towards 66.85-66.95 is expected to attract short term buying activities with immediate support of 66.50




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