Mtechtips MCX-SX USDINR INTRADAY trading analysis 07-07-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 07-07-2016

MTECHTIPS Dollar/rupee snapped four-day losses Friday on dollar buying by nationalised banks on behalf of oil importers amid weak local stocks and the dollar index were little changed Thursday from previous day after June FOMC minutes indicated the Federal Reserve is unlikely to hike rates in 2016 due to Brexit. Technical, Technical, USDINR witnessed 0.28% positive move on Tuesday and settled at 67.69 levels. Bearish trend reversal was noted on the EOD chat which is indicating for momentum upside move in the pair, but there is massive resistance at 67.75 and pair would need to trade above 67.75 in order to give upside move towards 68.00-68.20, else correction will expect to continue and pair may test 67.50-67.35 again.

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