Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-07-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 18-07-2016
MTECHTIPS Buy above 67.45 Target 67.75-67.90. Stop loss below 67.25
Sell around 67.30 Stop loss above 67.45 Target 67.00-66.80.USD-INR continued to weaken for third consecutive week and tested its lowest level 66.9425 since June 2016 on selling by foreign banks amid inflows into local debt and equities. However, dollar demand from importers and overseas fund outflows triggered by quarterly results from IT giants Infosys and Tata Consultancy Services Limited resulted in small recovery towards 67.2250 on Friday. Technically, Sell strategy given around 67.75 was not initiated, as after pair remained below 67.50 levels. Weekly price action resulted in formation of high wave candle stick which indicating for indecisive or trend reversal in USDINR, however sustain trade below 23.8% Fibonacci retracement level of 21 Feb 2016 – 17 April 2016 is yet indicating for continuation of recent bearish trend. Hence, any rises towards 67.60-67.70 expect to attract near term selling activities. Further, massive resistance likely to seen at 67.95 and a break above only will expect to test 68.25-68.50


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