Mtechtips MCX-SX USDINR INTRADAY trading analysis 23-08-2016
MTECHTIPS USDINR failed to break its support 66.84 and recovered more than 0.21%, settled at 67.27 levels. On the EOD chart, pair settled below 50% Fibonacci Retracement level while formed a high wave doji candle stick both of which creating probability for downside move towards 67.00 and below again. Further, pair would need to trade above 67.40 in order to test 67.65-67.80.May sell around 67.25-67.30 Target 67.10-66.90. Stop loss above 67.40 Market will focus on US durable goods order, second quarter GDP and new and existing home sales data for the health of the world’s largest economy. Meanwhile, US economic growth strengthened for the second month in a row in July, according Chicago Fed National Activity Index.