October 28, 2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 20-09-2016

MTECHTIPS Dollar/rupee and dollar index were little changed Tuesday as investors waited for the outcome of US Federal Reserve and the Bank of Japan meeting that begins later today.Dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 95.87 during early Asian trade Tuesday compared to 95.88 at close of Indian market on Monday.The greenback little changed as investors are reluctant to make major moves ahead of the highly anticipated announcement from the Federal Reserve on Wednesday.Also, Bank of Japan will also conclude its policy meeting on Wednesday. Few investors anticipate that the Bank of Japan will probably further cut its rates on some bank reserves further below zero while others expect the central bank to unlikely move the key rates.USDINR remained in its previous day range and settled at 67.0650 almost flat. Since 14 September, USDINR struggling to break its immediate resistance of 67.25 on closing basis which is coincide with 23.8% Fibonacci Retracement of its short term fall. Hence, any rise towards 67.10-67.15 will create probability for correction towards 66.85 and below unless it gives a closing above 67.25.Further, 67.25 will act as a massive resistance and pair would need to trade above it in order to test 67.45-67.65. WWW.MTECHTIPS.COM




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