Mtechtips MCX-SX USDINR INTRADAY trading analysis 16-05-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 16-05-2016
MTECHTIPS :- Dollar/Rupee likely to trade in between 66.70-67.00.
Dollar/rupee settled almost flat, while the dollar index traded little changed during Asian trade Friday ahead of US retail sales data.Technically, USD-INR traded range bound in between 66.85-66.75 and settled at 66.7875 almost flat. A formation of high wave candle stick on EOD chart is pointing for relatively indecision among USDINR traders. Immediate support is 66.70 below it will expect to test 66.55, else pair may set short term pullback towards 66.90-67.00.
Dollar index having immediate resistance 94.60 sustain trade above will expect to test 95.00-95.20, else may retraced towards 94.00-93.80 from 94.48-94.50.
Sell around 67.00-67.10 Target 66.75- 66.55. Stop loss above 67.30 (LTP 66.93)
Buy above 67.30 Target 67.45-67.60. Stop loss below 66.90

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