Mtechtips MCX-SX USDINR INTRADAY trading analysis 11-07-2016
MTECHTIPS Sell July Future around 67.75-67.80. Target 67.25-67.00. Stop loss above 68.05. Weakness in Dollar and recovery in local stocks were lifted selling pressure in USD-INR and after hitting a weekly high of 67.9025, pair retraced towards 67.4925 and settled at 67.53250 levels. A prospect of a Federal Reserve rate hike in the near term was waned after FOMC meeting minutes. Technically, Sell strategy given on rise around 67.90 was successful with pair drop towards first predicted level of 67.55, second level was 67.25. On the weekly chart, USDINR yet hovering below the 23.8% Fibonacci retracement level of 21 Feb 2016 – 17 April 2016 fall, which is indicating for continuation of recent bearish trend. Further, massive resistance likely to seen at 68.50 and a break above only will expect to test 68.80-69.00.