Mtechtips MCX-SX USDINR INTRADAY trading analysis 27-05-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 27-05-2016
MTECHTIPS :- Dollar/rupee and the dollar index traded down for the second straight session Friday as investors took profits ahead of key commentary from the Federal Reserve Chairwoman Janet Yellen amid mixed outlook on the world’s largest economy.Technical, USDINR extended its recent downside move for second consecutive day and settled at 67.1725. Since 24 May 2016 pair retraced about 1.06% from the 67.8650 levels. On the Daily chart, pair broke its 23.8% Fibonacci Retracement support and formed a long bearish candle stick, both of which are indicating for further correction in near Future.Today, any rise towards 67.65-67.70 is expect to attract selling activities for the target 67.35-67.15. Stop loss above 67.88.On the other hand, a break above 67.90 only expect to give further upside move towards 68.08-68.25.

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