Mtechtips MCX-SX USDINR INTRADAY trading analysis 27-09-2016
MTECHTIPS USD/INR down, while dollar Index up on uncertainty post US presidential debate
Dollar/rupee open down and the dollar index traded tad up during early Asian trades Tuesday on uncertainty post US presidential debate and comments from key Federal Reserve officials including Chair Janet Yellen’s speech due later this week.Democrat Hillary Clinton accused Republican Donald Trump on Monday of having a long history of racist behavior during a heated presidential debate that could reshape the 2016 campaign for the White House.Clinton and Trump interrupted each other throughout the debate on topics ranging from foreign policy to the economy. Trump said Clinton had very little to show for her many years in public life.Clinton, a former secretary of state, and Trump, a real estate tycoon, slammed each other for the controversy stoked for years by Trump over whether President Barack Obama was born in the United States among other things, with none giving a clear indication about their foreign and economic policies.Meanwhile, Yellen is scheduled to testify before the House Financial Services Committee on regulation and supervision Thursday while Federal Reserve Bank of St Louis James Bullard is scheduled to speak in St Louis later Wednesday.
Technical, USDINR retraced from the day high 66.80 and settled at 66.6275 levels. Near term trend expect to remain bearish as since 30 June 2016, USDINR constructing falling wedge pattern which indicating for bearishness, but pair would need to trade below 66.50 in order to confirmation, else any rise towards 66.85-66.95 is expected to attract selling activities. On the upside, strong resistance is seen at 67.25 on closing basis.