Mtechtips MCX-SX USDINR INTRADAY trading analysis 08-07-2016
MTECHTIPS Dollar/rupee ended down on dollar selling by foreign banks amid overseas funds inflows into local debt while the dollar index traded down Friday from previous day on risk aversion to safe haven assets as investors’ prospects of a Federal Reserve rate hike in the near term waned post the FOMC minutes amid an upbeat US labour market data. Technical, USDINR was unable to break above 67.75 its immediate resistance, and retraced more than 0.15% yesterday. However, pair yet trading above the 50% Fibonacci Retracement of its previous short term rally started from 66.7250 to 68.31 levels. Immediate support now seen at 67.50 and pair would need to trade below this level in order to test 67.33-67.10; else pair expected to consolidate around 67.50-67.80.
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