Mtechtips MCX-SX USDINR INTRADAY trading analysis 26-07-2016
MTECHTIPS USD-INR recovered from the day low 67.1550 and settled at 67.3450 levels. Short term consolidation break out was noted at 67.35 on the DOE chart which coincided with 38.2% Fibonacci Entrancement and also formed a long bullish candle stick, both of which are indicating for momentum upside move in USDINR and sustain trade above 67.35 is expect to test 67.55-67.75 on the upside, else pair may show consolidation around 67.10-67.35 before FOMC meeting. Dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded little changed early Asian trade Tuesday at 97.18 compared to 97.24 seen on Monday. The dollar hit its highest level in four months after a strong US data boosted expectations that the Federal Reserve will increase rates in coming months.
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