Mtechtips MCX-SX USDINR INTRADAY trading analysis 17-05-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 17-05-2016
MTECHTIPS :- Dollar/rupee ended at two-month high Monday as dollar strengthened on increasing fears of a near term rate hike by Federal Reserve after strong economic data from the world’s largest economy and the dollar index snapped two-day gains ahead of the release of Federal Open Market Committee minutes.FOMC minutes due later this week will give markets further clues regarding the potential rate hike in June Technically, USD-INR retraced from the day high 67.0775 and tested 66.8625 before closing at 66.9625. Sell strategy given around 66.90-67.00 was initiated but yet to test target 66.75. In near term any rise towards 67.00-67.15 is expected to show correction for the target of 66.75-66.60 unless pair gives a closing above 67.30.
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