Mtechtips MCX-SX USDINR INTRADAY trading analysis 29-06-2016
MTECHTIPS Dollar/rupee snapped two-day gains while the greenback weakened against basket of six major currencies on profit taking tracking higher risk appetite in global stocks. Dollar/rupee drop towards 68.0825 compare to previous close of 68.2875 in earlier trade on Wednesday. Yesterday, Pair found support just above the 50% Fibonacci retracement level of the 29 Feb-20 April fall from 69.5650 to 67.00. The 61.8% retracement level at 68.46 will act as an near term resistance level above which pair will expect to test 68.95 and above, else consolidation is appear to take place around 68.00-68.30 before any big move. Dollar index little changed against a basket of six currencies during early Asian trade Wednesday and traded at 96.11 compared to 96.05 at close of New York time on Tuesday.Immediate support is seen at 95.90 sustain trade below only will expect to test 95.40-95.20.On the other hand, resistance is seen at 96.20-96.55.