Mtechtips MCX-SX USDINR INTRADAY trading analysis 20-06-2016
MTECHTIPS Sell on rise around 67.65-67.75 Target 67.10-66.90. Stop loss above 67.90 (today high 67.7850). Buy above 67.90 Target 68.35/68.55. Dollar/rupee retraced from 67.4650 and tested 67.08 before closing at 67.1750. USDINR turn negative after the Federal Reserve Kept Federal fund interest rates unchanged and lowered projections for further rate hikes in next few years. Adding to this, dollar/Rupee extended its losses as safe-haven bets for dollar plunged over Brexit concerns after the campaigns for and against Brexit was halted following the murder of Labour Party’s pro-European Union MP Jo Cox. Technically, a short term consolidation breakdown was not noted on weekly chart which is indicating for weakness in USD-INR. On the other hand, strong resistance is seen at 67.88 and pair could need to trade above this level in order to test 68.35-68.65. Adding to this, Britain’s referendum on the country’s membership of the EU which was set on Jun 23 may hold volatility in the pair.