Mtechtips MCX-SX USDINR INTRADAY trading analysis 13-07-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 13-07-2016
MTECHTIPS USDINR settled almost flat 67.3250 on Tuesday. Recently pair broke the its crucial support 67.50 which coincided with 50% Fibonacci Retracement of its previous short term rally and settled at 67.2825 levels. On the hourly chart, pair forming like Head & shoulder pattern which is indicating for bearishness in USDINR and breakdown of neckline support is aiming for the target 66.85-66.70 in days to come.Sell below 67.20 Target 67.00-66.85. Stop loss above 67.40, else wait for rise towards 67.6-67.70.
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