Mtechtips MCX-SX USDINR INTRADAY trading analysis 05-08-2016

Mtechtips MCX-SX USDINR INTRADAY trading analysis 05-08-2016
MTECHTIPS USDINR consolidated above its massive support of 66.9
5 for fourth consecutive day, and settled at 67.16 compare to previous close of 67.2625 levels. On the EOD chart pair failed to break above its 23.8% Fibonacci Entrancement at 67.30 this may act as a strong resistance and pair would need to trade above it in order to test 67.45-67.60,else any rise towards 67.15-67.25 may bring short term correction towards 66.95 again. Dollar/rupee in the interbank offshore market and the dollar Index were little changed ahead of the release of key US jobs data later today.Dollar index, which tracks the movement of the greenback against a basket of six major currencies, traded at 95.71 during early Asian trade Friday compared to 95.85 at close of Indian market on Thursday.
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