Mtechtips MCX-SX USDINR INTRADAY trading analysis 29-08-2016
MTECHTIPS Sell on rise around 67.50-67.60 Target 67.15-6.95. Stop loss above 67.85Sustain trade above 67.85 only will expect to test 68.00-68.15.Dollar/rupee extended its neutral trend for fourth consecutive week and after hitting a low of 66.9825 settled at 67.0625. Dollar weakness against other major currencies as investors remain cautious ahead of Federal Reserve chairperson Janet Yellen’s speech at Jackson Hole symposium on Friday. Sell strategy given around 67.30-67.35 was initiated, and pair hit first predicted level of 67.00. on the weekly chart a formation of hammer candle stick with almost similar bottom is creating probability for short term recovery before any next bearish move in USDINR. However, pair yet trading below near term trend line support which yet pointing limited upside move towards 67.50-67.60. Further, crucial support the week is seen at 67.15 and USDINR would need to trade below this level in order to test 66.75-66.55.